Punjab National Bank (PNB) has updated its fixed deposit (FD) rates and introduced two new tenures for deposits under 3 crore. It became effective from January 1, 2025. The bank now offers a 303-day FD with an interest rate of 7 per cent and a 506-day FD at 6.7 per cent for regular depositors. These new options provide more flexibility for customers looking to invest in FDs.
Fixed deposits allow investors to deposit a lump sum amount of money for a set period, earning interest over time. They offer high interest rates than a regular savings account which makes them more rewarding investment option.
For senior citizens, Punjab National Bank offers a 7.5 per cent interest rate on the new 303-day FD scheme and a 7.2 per cent interest rate on the 506-day FD. Super senior citizens will benefit from even higher rates, with 7.8 per cent on the 303-day FD and 7.5 per cent on the 506-day FD. These new tenures provide attractive options for both senior and super senior citizens looking to invest in FDs.
Punjab National Bank offers fixed deposit interest rates between 3.50 per cent and 7.25 per cent for terms ranging from seven days to 10 years for general citizens. The highest interest rate of 7.25 per cent is available for a 400-day term.
So, if you are investing Rs 1 lakh at the 7.5 per cent rate, you will get Rs 7,500 per year interest income. So, after one year, your maturity amount would be Rs 1,07,500. Similarly, if the interest rate is 7.8 per cent, the yearly return would be Rs 7,800 and the maturity amount would be Rs 1,07,800.
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