Punjab National Bank (PNB) Fixed Deposit rates on select maturities have been revised again. The revised rates come into effect from this month. For deposits of maturity periods 7-14 days, 15-29 days, 30-45 days, 46-90 days and 91-179 days, PNB has lowered the interest rates by up to 50 basis points. On deposits of 7-45 days, the Public Sector Bank is offering an interest rate of 5 per cent to the general public and 5.5 per cent to senior citizens on FDs p to Rs 2 crore. Before the revision, PNB was offering paid interest rates of 5.5 per cent and 6 per cent on these FD maturities respectively. 

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See PNB Latest Fixed Deposit Rates
(*Source: PNB)

PNB has reduced interest rate on deposits maturing in 46 days to 179 days to 5.75 per cent from 6.25 per cent. For deposits of 271 days to less than one year, PNB has reduced rates by 20 basis points. On these fixed deposits, you can now get 6.30 per cent interest. On deposits for 333 days, PNB fixed deposit customers can now get 6.75 per cent interest. 

The rate revision by PNB has come just a few days ahead of the RBI Monetary Policy Review meet on August 7. 

Early this week, State Bank of India (SBI) realigned its interest rate on Retail Term Deposits (less than Rs. 2 Crore) and Bulk Term Deposits (Rs. 2 Crs and above) with effect from August 1, 2019. The largest public sector lender had said in a statement on Monday that for time deposits with longer tenors, there was a reduction up to 20 bps in the Retail segment and 35 bps in the Bulk segment. Interest rates were slashed by 50-75 bps for time deposits with shorter tenors, i.e. up to 179 days.