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Call this a New Year gift from Punjab National Bank (PNB). This public sector bank has effective January 1 hiked interest rates on domestic term deposits. For retail term deposits of less than Rs 1 crore, the interest rate has been revised from 4 per cent to 5.25 per cent in the maturity buckets of 7 to 29 days and 30 to 45 days.
In the maturity bucket of 46 to 90 days, the interest rate stands revised to 6.25 per cent from 5.50 per cent. For the maturity bucket of 91 to 179 days, the interest rate has been revised upward to 6.25 per cent from 6 per cent, a PNB release said.
BULK TERM DEPOSITS
For domestic bulk term deposits of Rs 1 crore to Rs 10 crore, the interest rate stands hiked to 4.8 per cent from 4 per cent. In the case of maturity bucket of 46 days to 179 days, the interest rate has been hiked from 4 per cent to 4.9 per cent.
For the maturity bucket of 180 days to less than one year, the interest rate has been hiked to 5 per cent from 4.25 per cent. In the maturity bucket of 1 year, interest rate has been hiked from 5 per cent to 5.5 per cent, the release added.
For maturity bucket of above 1 year to 3 years, the interest rate has been hiked from 5 to 5.5 percent. In the maturity bucket of greater than three years to ten years, interest rate has been increased from 5 per cent to 5.25 per cent.
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