After the repo rate cut by the Reserve Bank twice in February and then in April, its impact is also visible in the banking sector. Earlier many banks had given relief to customers by reducing loan interest rates, now Punjab National Bank (PNB) has cut the interest rates received on fixed deposits (FD).
Interest reduced on FD of less than Rs 3 crore
PNB has cut the interest rate on FDs below Rs 3 crore. After this change, now ordinary citizens will get interest from 3.50% to maximum 7.10% on FDs from 7 days to 10 years.
Earlier, where 7.25% interest was being received on 400 days FD, now a maximum of 7.10% interest will be available on 390 days FD.
New interest rates on different period FD
- 300 days FD: 7.05%first, now 6.50%
- 303 day FD: First 7.00%, now 6.40%
- FD of 2 to 3 years: 7.00%first, now 6.75%
- 1204 day FD: 6.40%first, now 6.15%
- FD ranging from 1205 days to 5 years: 6.50%first, now 6.25%
What changed on FD of more than five years?
- FD of over 5 years and up to 1894 days: 6.50%first, now 6.00%
- 1895 day FD: First 6.35%, now 5.85%
- FD ranging from 1896 days to 10 years: 6.50%first, now 6.00%
Additional benefits for senior citizens
- Senior citizens aged 60 to 80 years:
- 50 basis point more interest on FD up to 5 years
- 80 basis point more interest on FD of over 5 years
- Super Senior Citizens of 80 years or older:
- 80 basis points more interest on all term FDs
After the change, interest rates for super senior citizens have ranged from 4.30% to 7.90%. All these rates will apply to domestic deposits below Rs 3 crore.
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The post PNB reduced interest rates on FD, know how much will be available now first appeared on the new rate of interest. Breaking India News, The Indian Headline, India Express News, Fast India News.
