Punjab National Bank has revised its interest rates on fixed deposits. The bank has increased the rate by 0.5% on various maturities. The new rate has for the period of 7-14 days has been increased to 4.50% from 4%. For the period of 30-45 days the new rate is 5%.
The revision has been made for the deposits of up to RS 1 crore. For term deposits of period of 180-270 days, the rate has been increased by 0.25 percent making it 7.75%. The revised rates will be applicable from 8th January 2015. Fixed deposit between 1-3 years would now offer 8.75 per cent compared to existing 9 percent.
The rate on term deposits for the period of 91-179 days has decreased by 0.5%, the new rate is now 7.50. Further, fixed deposits in the maturity bucket of 180-270 days would attract an interest rate of 7.75 percent, down from 8 percent.