New Delhi: State-run Punjab National Bank (PNB) has announced it will raise interest rates by up to 1.25 per cent on domestic term deposits of up to Rs 10 crore for different tenures, effective from the New Year, January 1, 2018.
As per the new PNB rates, for domestic retail term deposits of less than Rs 1 crore with the tenure of 7 to 29 days, the rate has been increased by 1.25 percentage points to 5.25 per cent from the current 4 per cent.
For such deposits held for 30 to 45 days, rate has been raised from 4.5 per cent to 5.25 per cent. For the tenure of 46 to 90 days, the interest, effective from Monday, would go up to 6.25 percent from 5.50 per cent.
For domestic term deposits of less than Rs 1 crore for between 91 to 179 days, the rate is up from 6 per cent to 6.25 per cent, and for domestic term deposits of Rs 1 crore to Rs 10 crore, PNB has increased the rate from 4 per cent to 4.8 per cent for the tenure period of 7 to 45 days.
The same category held for 46 to 179 days will fetch interest at 4.90 per cent, as against the current 4 per cent.
Deposits of Rs 1 crore to Rs 10 crore for 180 days to less than one year, will, from Monday, earn 5 per cent interest, up from 4.25 per cent.
For such one-year term deposits, PNB has increased the rate from 5 per cent to 5.7 per cent.
Similarly, for deposits of more than 1 year to 3 years, the rate would be 5.5 per cent, up from the current 5 per cent that was effected from December 1, including for the other categories.
Such deposits for between 3 years to 10 years will earn at 5.25 per cent from the New Year, instead of at the current 5 per cent.