Interest rate hike for Term Deposits up to Rs 10 crore comes as a direct result of the RBI increasing its repo rates.
by Suman Gupta
Mumbai, May , 2022: Punjab National Bank (PNB), a leading Public Sector Bank in India, has increased interest rates on Term Deposits in selected buckets upto 60 basis points w.e.f. May 7, 2022. PNB revised its Fixed Deposit (FD) rates after the Reserve Bank of India (RBI) increased repo rates by 0.40 per cent or 40 basis points, to tackle rising inflation in the country amid factors such as geopolitical tensions and supply shortage.
The new FD rates are applicable on deposits up to Rs 10 crore. Under Single Domestic Term Deposits of Rs. 2 crore to Rs. 10 crore (Callable), maturity bucket of 30 days to 45 days will undergo a hike of 60 basis points; for maturity bucket of 271 days to < 1 year, there is 50 bps FD rate hike. Under Single Domestic Term Deposits of less than Rs. 2 crore, there is 10 -20 bps increase in Term Deposite rates.
Single Domestic Term Deposits of less than Rs. 2 crore: (Callable)
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For maturity bucket of 7 days to 14 days from 2.90% to 3.00%
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For maturity bucket of 15 days to 29 days from 2.90% to 3.00%
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For maturity bucket of 30 days to 45 days from 2.90% to 3.00%
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For maturity bucket of 91 days to 179 days from 3.80% to 4.00%
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For maturity bucket of 180 days to 270 days from 4.40% to 4.50%
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For maturity bucket of 271 days to <1 Year from 4.40% to 4.50%
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For maturity bucket of 1 Year from 5.00% to 5.10%
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For maturity bucket of >1- 2 Year from 5.00% to 5.10%
Single Domestic Term Deposits of less than Rs. 2 crore: PNB UTTAM (Non-Callable)
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For maturity bucket of 91 days to 179 days from 3.85% to 4.05%
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For maturity bucket of 180 days to 270 days from 4.45% to 4.55%
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For maturity bucket of 271 days to <1 year from 4.45% to 4.55%
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For maturity bucket of 1 Year from 5.05% to 5.15%
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For maturity bucket of >1- 2 Year from 5.05% to 5.15%
Single Domestic Term Deposits of Rs. 2 crore to Rs. 10 crore: (Callable)
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For maturity bucket of 7 days to 14 days from 2.90% to 3.50%
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For maturity bucket of 15 days to 29 days from 2.90% to 3.50%
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For maturity bucket of 30 days to 45 days from 2.90% to 3.50%
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For maturity bucket of 46 days to 90 days from 3.00% to 3.50%
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For maturity bucket of 91 days to 179 days from 3.00% to 3.50%
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For maturity bucket of 180 days to 270 days from 3.00% to 3.50%%
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For maturity bucket of 271 days to < 1 year from 3.00% to 3.50%
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For maturity bucket of 1 Year from 3.50% to 4.00%
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For maturity bucket of >1- 2 Year from 3.50% to 4.00%
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For maturity bucket of >2-3 Year from 3.50% to 4.00%
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For maturity bucket of >3-5 Year from 3.50% to 4.00%
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For maturity bucket of >5-10 Year from 3.50% to 4.00%
