State-run Punjab National Bank (PNB), has increased interest rates on savings deposits and fixed deposits effective January 1.
The lender hiked interest rates on savings deposits by 0.25 percent. Also, rates of fixed deposits below Rs 2 crore have been increased by up to 0.5%, the bank said in a release.
On single domestic term deposits for one year, the bank is offering a rate of 7.55%.
For one year to 665 days the rate offered is 7.55%. Also, for deposits between 667 days to 2 years and 2 years to 3 years, PNB is offering 7.55 %, the release said
On the PNB Uttam Scheme, the bank is offering 7.60% interest for the above mentioned periods.
On Single NRO and NRE Term Deposits up to Rs 2 crores for the same period, PNB is offering 6.75 percent to all the customers, the release said.
Customers with a savings fund account balance of Rs 100 crore and above in their savings deposit can now earn 3 percent interest from 2.75 percent earlier.