Punjab National Bank (PNB), a state-owned bank, has unexpectedly raised interest rates on bulk fixed deposits between ₹2 crore to ₹5 crore. The bank has adjusted the interest rates for deposits spanning 7 days to 1 year, according to PNB’s official website. The new bulk FD rates were rolled out on May 4th, 2023.
PNB Bulk FD Rates
PNB has raised the interest rate on bulk fixed deposits maturing in 7 to 45 days from 5.50% to 6.00% by 50 bps. It has also increased the interest rate on bulk FDs maturing in 46 to 90 days from 5.50% to 6.25% by 75 bps. The bank has raised the interest rate on deposits of 91 to 179 days from 6.00% to 6.50%, which is an increase of 50 bps, and on deposits with a tenor of 180 days to 1 year from 6.25% to 6.50%, a 25 bps increase. PNB has increased the interest rate on a deposit tenor of 1 year by 25 bps from 6.755 to 7%.
PNB will maintain its interest rate for bulk deposits maturing over 1 year and up to 3 years at 6.50% and 6.25% for those maturing over 3 years and up to 5 years. On a deposit tenor above 5 years and up to 10 years, PNB will offer an interest rate of 5.60%.
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