Punjab National Bank revises Fixed Deposit rates, effective from midnight today

New Delhi : State-run Punjab National Bank has revised its Fixed Deposit interest rates on Sunday, the new rates will come to effect from midnight (September 1, 2019).

The PNB has decreased the interest rates by up to 0.50 percentage point on select maturities, according to the public sector bank's website -- pnbindia.in.

On maturity periods such as 7-14 days and 15-29 days, the bank is offering an interest rate of 4.5 per cent to the general public and 5 per cent to senior citizens on fixed deposits of up to Rs. 2 crore. Previously, the bank paid interest rates of 5 per cent and 5.5 per cent on these FD maturities respectively.

On fixed deposits of 1-3 years maturity period, the public sector lender has slashed the interest rates by 0.25 per cent. The new interest rates stand at 6.5 per cent and 7 per cent on such fixed deposits to the general public and senior citizens respectively.

The government on Friday announced that Punjab National Bank, Oriental Bank of Commerce and United Bank will be merged to form the country's second largest public sector bank, after State Bank of India.

Earlier this week, HDFC Bank had revised its Fixed Deposit interest rates.