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Punjab National Bank (PNB) has increased the interest rates on domestic bulk term deposits of Rs 1 crore and above from 4.5 per cent to 5 per cent.
This increase would be valid for term deposits with a tenor of one year and above. This has come into effect from December 1 this year, according to a PNB release.
This move comes on the heels of the State Bank of India (SBI) raising interest rates on bulk deposits of above Rs 1 crore by 100 basis points or one percentage point.
SBI had said that bulk deposits for seven to 45 days will now fetch 4.75 per cent compared with 3.75 per cent earlier.
For 46-210 days, SBI's rate now is 4.85 per cent; for 211-365 days, 5 per cent; and for one year to 10 years, 5.25 per cent.
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