Punjab National Bank (PNB) has revised its fixed deposit interest rates on select maturities with effect from May 1, 2019. PNB has lowered the interest rate applicable to the maturity period of 333 days, and increased in that of one year, according to the bank's website -- pnbindia.in. The bank is offering an interest rate of 6.95 per cent to general public and 7.45 per cent to senior citizens in fixed deposits of 333 days maturity. Previously, the state-run lender paid interest rates of 7.1 per cent and 7.6 per cent on FDs of these maturities respectively.
PNB will now pay an interest rate of 7 per cent to the general public and 7.5 per cent to senior citizens on fixed deposits of one-year maturity, as against 6.75 per cent and 7.25 per cent previously. The bank has, however, left the interest rates on other maturities unchanged.
Here are the latest interest rates paid by PNB on fixed deposits (FD) less than Rs. 2 crore with effect from May 1, 2019:
| Period | General public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 to 14 days | 5.75 | 6.25 |
| 15 to 29 days | 5.75 | 6.25 |
| 30 to 45 days | 5.75 | 6.25 |
| 46 to 90 days | 6.35 | 6.85 |
| 91 to 179 days | 6.35 | 6.85 |
| 111 days | 6.5 | 7 |
| 180 days to 270 Days | 6.35 | 6.85 |
| 222 days | 6.6 | 7.1 |
| 271 days to less than 1 year | 6.35 | 6.85 |
| 333 days | 6.95 | 7.45 |
| 1 year | 7 | 7.5 |
| 555 days | 6.85 | 7.35 |
| above 1 year & up to 3 years | 6.75 | 7.25 |
| above 3 year & up to 5 years | 6.25 | 6.75 |
| above 5 years & up to 10 years | 6.25 | 6.75 |
Fixed deposit interest rates are subject to change from time to time. The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
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