PNB hikes bulk FD costs by up 75 bps, promising as a lot as 7% return on 1 yr tenor

State-owned lender Punjab National Bank (PNB) in a shock switch launched an fee of curiosity hike on bulk fixed deposits of better than ₹2 Cr to ₹5 Cr. The monetary establishment has hiked charges of curiosity on tenors of seven days to 1 years due to the modification. As per the official web page of PNB, the model new bulk FD costs are environment friendly as of 4th May 2023.

PNB Bulk FD Rates

On bulk fixed deposits maturing in 7 to 45 days, the monetary establishment has hiked the speed of curiosity by 50 bps from 5.50% to 6.00% and on these maturing in 46 to 90 days, PNB has hiked the speed of curiosity by 75 bps from 5.50% to 6.25%. PNB has hiked the speed of curiosity by 50 bps from 6.00% to 6.50% on a deposit tenor of 91 to 179 days and has hiked the speed of curiosity by 25 bps from 6.25% to 6.50% on a deposit tenor of 180 days to 1 yr. On a deposit tenor of 1 yr, PNB has hiked the speed of curiosity by 25 bps from 6.755 to 7%.

On bulk deposits maturing in above 1 yr & upto 3 years, the monetary establishment will proceed to produce an fee of curiosity of 6.50% and on these maturing in above 3 years & upto 5 years, PNB will proceed to produce an fee of curiosity of 6.25%. PNB will proceed to produce an fee of curiosity of 5.60% on a deposit tenor of above 5 years & upto 10 years.

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PNB Bulk FD Rates (pnbindia.in)

“The costs for Rs.2 Crore to Rs.10 Crore are to not be loaded with further cost of curiosity for Sr. Citizens, staff accounts and lots of others,” mentioned Punjab National Bank (PNB) on its website.

On Thursday, PNB said in a stock exchange filing that “The Exchange is hereby informed that Shri. Ashutosh Choudhury, Chief General Manager has ceased to be the Group Chief Risk Officer (GCRO) of the Bank on 03.05.2023 upon his elevation as Executive Director of Indian Bank pursuant to Notification No. eF.No. 4/6/2021-8O.I dated 03.05.2023 issued by the Department of Financial Services, Ministry of Finance, Government of India.”

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