PNB hikes FD rates by 0.5%

State-run Punjab National Bank has hiked the interest rates on select maturities by up to 0.5 per cent with effect from November 11.

Fixed deposits for less than Rs one crore between 271 days to less than one year would yield an interest rate of 8 per cent against 7.5 per cent earlier, PNB said in a filing to the BSE.

Further, term deposits in the maturity bucket of 91 days to 179 days would attract an interest rate of 7 per cent against 6.75 per cent.

In case of maturity period of one year and above up to 10 years, uniform interest rates of 9 per cent shall be applicable, PNB said.

For NRE term deposits, between one year and less than three years, the interest rate has been revised to 9 per cent from 8.75 per cent.

However, for domestic term deposits between Rs 1 and Rs 10 crore, the interest rate has been lowered to 8 per cent from 8.25 per cent for a maturity period of 180-270 days.

Earlier this week, private sector Axis Bank had revised the interest rates on select maturities for fixed deposits of less than Rs 1 crore.

The rate revision by lenders comes after the Reserve Bank hiked the interest rates by 0.25 per cent in its monetary policy on October 29.

Following this, State Bank of India and HDFC Bank have hiked their base rate or the minimum lending rate by 0.2 per cent to 10 per cent.

Source: thehindubusinessline