The Hindu Business Line : PNB not to extend `Mahabachat' beyond June 30

New Delhi June 19 Punjab National Bank (PNB) has decided not to extend its `PNB Mahabachat' scheme beyond June 30. This is a special fixed deposit scheme launched by the bank early this calendar year to boost its deposits base and fund the surge in credit growth.

PNB Mahabachat scheme, which has already been extended twice, is to end on June 30. It offered 9.5 per cent interest per annum to individuals on minimum deposit of Rs 25,000. Senior citizens were offered an additional interest rate of 0.25 per cent.

So far, this scheme had garnered deposits to the tune of about Rs 12,000 crore for the bank. The PNB Chairman & Managing Director, Dr K.C.Chakrabarty, said deposit rates offered by banks were very high and these rates would not be sustainable.

PNB officials also said that a number of individuals had shifted their low-yielding fixed deposits into PNB Mahabachat scheme to take advantage of the higher returns from the scheme.

More Stories on : Fixed Deposits | Public Sector Banks | Punjab National Bank

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