PNB Fixed Deposit: Bank hikes interest rates for senior, super senior citizens - Details

PNB Fixed Deposit Rate: Punjab National Bank (PNB), a public sector lender, has increased the interest rate of fixed deposits for senior citizens and super senior citizens. While the interest rates on FD for senior citizens have been declared for one particular tenure, the same has been implemented for all tenures for super senior citizens. According to the official website of the bank, the interest rates have been hiked by up to 30 basis points (bps) for amounts up to Rs 2 crore. The bank said that new rates of FDs will be effective from September 13, 2022.

The Punjab National Bank has also said that senior citizens would get an additional 50 basis points on any domestic deposit maturities which is worth less than Rs 2 crore. 

"The Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5 years and 80bps for a period above 5 years on domestic deposits of less than Rs. 2 Crore," the bank said on its official website. 

This is a piece of good news for those senior citizens and super senior citizens who find fixed deposits a safe and attractive investments options. The bank is now promising them a maximum interest rate of 6.60% for senior citizens and 6.90% for super senior citizens. 

"In case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets," the bank said. 

In the case of PNB Tax Saver Fixed deposit scheme, staff members as well as retired staff members who are also Senior Citizens, the maximum rate of interest to be allowed over the applicable card rate is 100 bps.