Punjab National Bank (PNB) has hiked its interest rate on fixed deposits on one tenure for senior citizens (above 60 years of age) and on all tenures for super senior citizens (above 80 years). The latest interest rates, which have become effective Tuesday (September 13) and will be applicable on deposits below Rs 2 crore, have seen the hike of up to 30 bps.
Punjab National Bank has increased the interest rate on fixed deposits for senior citizens by 30 basis points (bps) on the 5-10 year tenure from 6.15 per cent to 6.45 per cent.
According to the PNB website, “The senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5years and 80bps for a period above 5 years on domestic deposits of less than Rs 2 crore. In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps for a period upto 5 years and 180bps for period above 5 years.”
It added that super senior citizens of age above 80 years shall get an additional rate of interest of 80bps over applicable card rate across all maturity buckets. “In case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets.”
Here are the revised interest rates on fixed deposits below Rs 2 crore for senior citizens and super senior citizens at the Punjab National Bank (per annum) effective from September 13:
7 days to 14 days: For Senior Citizens – 3.50 per cent; For Super Senior Citizens – 3.80 per cent
15 days to 29 days: For Senior Citizens – 3.50 per cent; For Super Senior Citizens – 3.80 per cent
30 days to 45 days: For Senior Citizens – 3.50 per cent; For Super Senior Citizens – 3.80 per cent
46 days to 90 days: For Senior Citizens – 3.75 per cent; For Super Senior Citizens – 4.05 per cent
91 days to 179 days: For Senior Citizens – 4.50 per cent; For Super Senior Citizens – 4.80 per cent
180 days to 270 days: For Senior Citizens – 5.00 per cent; For Super Senior Citizens – 5.30 per cent
271 days to less than 1 year: For Senior Citizens – 5.00 per cent; For Super Senior Citizens – 5.30 per cent
1 year: For Senior Citizens – 6.00 per cent; For Super Senior Citizens – 6.30 per cent
Above 1 year to 404 days: For Senior Citizens – 6.00 per cent; For Super Senior Citizens – 6.30 per cent
405 days: For Senior Citizens – 6.60 per cent; For Super Senior Citizens – 6.90 per cent
406 days to 2 years: For Senior Citizens – 6.00 per cent; For Super Senior Citizens – 6.30 per cent
Above 2 Years to 3 Years: For Senior Citizens – 6.10 per cent; For Super Senior Citizens – 6.40 per cent
Above 3 years to 5 years: For Senior Citizens – 6.25 per cent; For Super Senior Citizens – 6.55 per cent
Above 5 years to 10 years: For Senior Citizens – 6.45 per cent; For Super Senior Citizens – 6.45 per cent
1111 days: For Senior Citizens – 6.25 per cent; For Super Senior Citizens – 6.55 per cent.
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