New Delhi: State-owned Punjab National Bank (PNB) on Tuesday revised interest rate on fixed deposits by up to 0.5 per cent on various maturities.
"For deposits less than Rs 1 crore having maturity between 7-14 days, the new interest rate will be 4.50 per cent from the existing 4 per cent," PNB said in a statement.
Similarly, the bank has increased interest rate by 0.5 per cent on the fixed deposit between 30-45 days. The new rate would be 5 per cent from the existing 4.50 per cent.
For term deposits having a maturity period of 180-270 days, the rate has been revised upwards by 0.25 per cent to 7.75 per cent.
The new rate would be effective from January 8, it added.
On the other hand, the interest rate for fixed deposit of 271 days to less than 1 year has been revised downwards by 0.25 per cent to 7.75 per cent, as compared with existing 8.25 per cent.
Savers would earn 0.25 per cent lower rate of interest on fixed deposits between 1-3 years and 5-10 years.
Fixed deposit between 1-3 years would now earn 8.75 per cent compared to existing 9 per cent while 5-10 years would earn 8.75 per cent against 8.75 per cent.
The bank also realigned interest rates on fixed deposits of Rs 1 crore-Rs 10 crore by up to 0.5 per cent.
Term deposits of 91-179 days would now earn an interest rate of 7.50 per cent, decrease of 0.5 per cent.
Further, fixed deposits in the maturity bucket of 180-270 days would attract an interest rate of 7.75 per cent, down from 8 per cent.
Fixed deposit between 271 days and less than 1 year would now earn 8.25 per cent compared to existing 8.50 per cent, down by 0.25 per cent.
In October last year, the bank had revised interest rates on fixed deposits of Rs 1 crore-Rs 10 crore by up to 2 per cent.