Good news: Know which bank has increased FD Interest Rate to 0.6%, check new rates

Public sector Punjab National Bank has increased the interest rates on term deposits. The bank has taken this step after the RBI (Reserve Bank of India) increased the repo rate. PNB has increased interest rates by up to 0.6 per cent on FDs with select maturity periods. The new FD rates have become effective from 7 May 2022. In a statement issued by PNB, it has been said that the increase in rates has been done for FDs up to Rs.10 crore.

According to the bank, interest rates on single domestic term deposits (callables) ranging from Rs.2 crore to Rs.10 crore have been hiked by 0.6% with maturities ranging from 30 to 35 days. Whereas, for periods ranging from 271 days to less than 1 year, the increase is 0.5 per cent. Interest rates on single domestic term deposits of less than Rs.2 crore have been raised by 0.1-0.2 percent.

New Interest Rates for PNB UTTAM (Non Callable) FD

“PNB UTTAM FIXED DEPOSIT SCHEME” (Non-Callable)@ With Effect From 07.05.2022 (For Deposit Above 15 Lakh)

Note: Discontinue the scheme of 333 days. 444 days and 555 days tenure Domestic Term Deposit under Callalble & PNB Uttam (Non-Callable) scheme, including NRE & NRO deposits w.e.f 01.10.2020.

Loan made expensive

In addition, PNB raised the external benchmark rate-based interest rate by 0.40 percent to 6.90 percent, including repo. PNB informed the stock exchange that the Repo Based Interest Rate (RLLR) for existing clients has been raised from 6.50 percent to 6.90 percent, effective June 1, 2022. The amended RLLR will go into effect for new customers on May 7, 2022.