Punjab National Bank (PNB) has raised the interest on FD and Post Office Time Deposit Scheme from January 1.The bank has hiked up to 50 basis points (bps) on certain tenures. PNB has also reduced FD rates on some buckets. The bank has hiked interest rates on the tenure of 180 to 270 Days by 50 bps. These term deposits will now fetch 6% for general citizens. PNB has hiked FD rates 45 bps on 271 Days to less than 1 year tenure. These FDs will now fetch 7.25% for general citizens.
On tenor with 400 days maturity, PNB has hiked rates by 45 bps from 6.80% to 7.25%. After the revision, PNB offers 3.5% to 7.25% to general citizens on deposits maturing in 7 days to ten years. Punjab National Bank has cut FD rates on 444 days by 45 bps from 7.25% to 6.8%.After the latest revision, PNB offers an interest rate ranging from 4% to 7.75% on FDs maturing in seven days to ten years, and 4.3% to 8.05% to super seniors. Earlier, State Bank of India (SBI) and Kotak Mahindra Bank had also raised the interest rates on Fixed Deposits
Time Deposit Account: The maximum interest available is 7.5%. According to the “Rule of 72”, it will take about 9 years and 6 months for money to double.
FD of SBI and PNB: The maximum interest available is 7%. According to the “Rule of 72”, it will take about 10 years and 3 months for the money to double in this scheme.
Kotak Mahindra Bank: The maximum interest available is 7.10%. According to “Rule of 72”, it will take about 10 years and 1 month for the money to double in this scheme.