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Wednesday, Nov 27, 2002

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PNB hikes rates for short-term deposits

Our Bureau

NEW DELHI, Nov. 26

SIGNALLING a bias towards attracting short-term deposits, Punjab National Bank (PNB) has decided to revise the rates of interest on domestic term deposit under which the new rate for maturity of 1-3 years has been reduced whereas interest rate of short-term deposits has been increased.

The new rates would come into effect from December 1. For maturity period of 3 years and above, the rate of interest has been reduced from 6.75 per cent to 6.5 per cent and for maturities of one year to less that 3 years, the rates has been reduced from 6.5 per cent to 6.25 per cent.

However, for maturities of 7-14 days, the rate of interest has been increased from 4 per cent to 4.75 per cent, 15-29 days deposits would attract 5 per cent from 4.5 per cent and for maturities of 180 days to less than one year, the rate would be 6 per cent (5.75 per cent).

The rate of interest on term deposit of senior citizens will be 0.5 per cent higher on the maturity of less than one year and 0.75 per cent higher for maturities of one year and above.

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