PNB Raises Fixed Deposit Rates For The Second Time In 10 Days

Punjab National Bank (PNB), India's second-largest public sector bank, has raised the interest rates on its fixed deposits (FDs) for the second time in January. The updated rates will apply to deposits below 2 crore.

The initial hike, effective from 1 January, was followed by another adjustment on 8 January, marking the second increase in a short span. This time, the public sector lender has elevated rates by 80 basis points (bps). Notably, on 1 January, PNB had raised rates by up to 45 basis points (bps) for certain tenures while reducing rates for others.

Following the recent revision, PNB now offers interest rates ranging from 3.5 per cent to 7.25 per cent on deposits maturing in durations spanning from 7 days to 10 years for the general populace.