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Thursday, Jan 09, 2003

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PNB lowers rates for term deposits

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PUNJAB National Bank (PNB) has decided to revise downwards its domestic term deposit rates for certain terms on fresh deposits and renewal of existing deposits with effect from January 10.

The new rate for deposits of 15-29 days and 30-45 days have been reduced to 4.5 per cent from 4.75 per cent, while deposits of one-year to less than 2 years would attract 5.75 per cent from the earlier 6 per cent. Interest rate for deposits of 2 year to less than 3 year has also been fixed at 5.75 per cent from the earlier 6.25 per cent, while deposits of 3 years and above would get an interest of 6 per cent against the earlier 6.5 per cent.

However, rate of interest for other maturities — 46-90 days, 91-179 days, 180-days to less than one year will remain same at 5.25 per cent, 5.25 per cent and 5.5 per cent respectively.

The rate of interest for term deposits put in by senior citizens will be 0.5 per cent higher on all maturities.

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