PNB hikes interest rates on term deposits by 60 bps
May 06, 2022
New Delhi [India], May 6 : Punjab National Bank has increased interest rates on term deposits in selected buckets up to 60 basis points with effect from Saturday.
"The revised interest rates will be applicable to fresh deposits and renewal of existing deposits with effect from May 7 this year," said an official statement issued by PNB.
For term deposits of less than Rs 2 crore, it has raised the interest rates to up to 5.10-5.15 per cent, and for single term deposits of Rs 2 crore and up to Rs 10 crore, customers will get interest rates in the range of 3.50 - 4.05 per cent per annum, it said.
PNB said all other interest rates shall remain unchanged and the change in rates will also be applicable to NRE/NRO term deposits (Callable only) scheme.
The State-owned bank has also increased the repo-linked lending rate (RLLR) from 6.5 per cent to 6.9 per cent with effect from June 1 for existing customers, according to an official statement issued by PNB.
The revised RLLR will take effect from May 7 for new customers, it added.
The RLLR hike comes after the Reserve Bank of India (RBI) announced a surprise 40 basis points (bps) hike in the repo rate on Wednesday.
