Punjab national bank fixed deposit interest rate

Fixed deposit rates: In a surprising turn of events, the Reserve Bank's decision to increase interest rates has caused a ripple effect on various financial fronts. Notably, the interest rates for bank schemes, including fixed deposits, have witnessed significant fluctuations. While the rates soared for a considerable period, certain banks have recently implemented cuts to their fixed deposit interest rates. Let's take a look into the specifics of these rate cuts, starting with Punjab National Bank, Axis Bank, and Union Bank of India. Punjab National Bank has initiated a reduction in interest rates for single tenures as of June 1. This adjustment primarily affects deposits under 2 crores. For instance, the interest rate on one-year tenure fixed deposits has decreased from 6.75% to 6.5% for regular citizens. Similarly, the interest rate for the 666-day tenure has declined from 7.25% to 7.05%. Moving on to Axis Bank, they have recently decreased the interest rate on single tenures of fixed deposits by 20 basis points. Following this update, fixed deposits with tenures ranging from 7 days to 10 years offer interest rates ranging from 3.5% to 7.10%. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenures of fewer than five days to 13 months. Similarly, for tenures between 13 months and less than 3 years, the interest rate has been lowered from 7.15% to 7.10%. These revised rates became effective on May 18, 2023. Lastly, the Union Bank of India. In Nove...

SBI Amrit Kalash The country's largest lender State Bank of India (SBI) Amrit Kalash FD retail term deposit scheme is valid till June end. SBI Amrit Kalash FD Scheme comes with a special tenor of 400 days on which the general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60% which is 50 bps higher than the standard applicable rate. “The specific tenor scheme of “400 days" (Amrit Kalash) at a Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 30-June-2023," mentioned SBI on its website. Indian Bank special FD Indian Bank extended the "IND SUPER 400 DAYS" special fixed deposit to June 30, 2023. Indian Bank will now offer 7.25% interest rates to the general public, and 7.75% to senior citizens. SBI Wecare FD scheme is especially for senior citizens only and the scheme comes with a tenor of 5 years to 10 years. , SBI is offering an interest rate of 7.50% to senior citizens for a limited time period till June 30, 2023, under the SBI Wecare FD scheme. The SBI "WECARE" Senior Citizens' Term Deposit Program was launched in May 2020 . After multiple extensions, the programme was scheduled to expire on March 31, 2023, however, SBI has once again extended the validity term until June 30, 2023.

Punjab National Bank is an Indian Banking company and also called India’s first Swadeshi Bank. It has a network of 10925 branches, 13914 ATMs across India, and an overseas presence in 6 Countries. Punjab National Bank provides multiple fixed deposit options to its customers with interest rates in the range of 3.00% p.a.- 5.25% p.a. The depositor is allowed to deposit a certain deposit amount at the time of opening the account. Deposit and withdrawal of additional money are not allowed during the ongoing tenure. The money deposited in the FD account will be secured for the tenure chosen and PNB FD rates will be provided accordingly. • Tenure ranges from 7 months to 120 months (10 years) • The highest interest rate provided on the PNB FD account is 6.30% p.a. • Senior citizens get an additional interest of 0.50% over the regular rates • The minimum deposit amount depends on the scheme chosen • Nomination facility is provided by the bank • Loan/overdraft facility is also provided by the bank • PNB provides different term deposit options such as Scheme for road accident victims, Sugam Term Deposits, Multi-Benefit, Special, Ordinary, and Anupam Term Deposit Schemes. • These FD schemes help to cater to a majority of classes • This scheme allows the depositor to make the investment to earn great returns with flexibility and security. • Simple investments with great returns • Nomination facility is available • Overdraft facility can be availed up to 75% against the deposit • Inter...

PARAMETERS FEATURES* Eligibility Individual (singly or jointly) with others Minor who have attained the age of 10 years and above in his own name on giving proof of age Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body Hindu Undivided Family Association, Club, Society, Trust or Religious/Charitable or Educational Institutions Municipality or Panchayat, Government or Quasi-Government Body Deposit Amount Minimum deposit of Rs.1000/- or in multiple thereof. However, acceptance of FDRs of above Rs.10 crore shall be strictly subject to approval by Treasury Division, HO. Period of Deposit From 07 days to maximum 10 years, even for incomplete quarters. Issue of confirmation of Deposit As the rate of interest payable on the FD made under the ‘scheme’ may change during the currency of FD, the rate of interest payable till the maturity of FD and maturity value cannot be pre calculated. However, rate of interest and maturity value as per the relevant rate applicable on the date of making the FD will be mentioned in the field meant for the purposes in the confirmation of deposit, with explanatory note “Subject to change in the rate of interest from time to time during currency of the FD”. A rubber stamp bearing the name of the scheme and explanatory note stated above be invariably affixed on the confirmation of deposit. Demand Loan/Overdraft facility Depositors will be eligible for taking Demand Loan/Overdraft facility, as per bank scheme, against the F...

• “Notice is hereby given to all the customers of the Bank that to safeguard their interest, Single Cash payment transaction in deposit accounts at Non Parent SOL or Non Base Branch or other than Base branch, is restricted to Rs 5 lacs against self drawn cheques. • Cash payment to third party would not be allowed at any branch other than the base branch or parent branch.”

• “Notice is hereby given to all the customers of the Bank that to safeguard their interest, Single Cash payment transaction in deposit accounts at Non Parent SOL or Non Base Branch or other than Base branch, is restricted to Rs 5 lacs against self drawn cheques. • Cash payment to third party would not be allowed at any branch other than the base branch or parent branch.”

PARAMETERS FEATURES* Eligibility Individual (singly or jointly) with others Minor who have attained the age of 10 years and above in his own name on giving proof of age Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body Hindu Undivided Family Association, Club, Society, Trust or Religious/Charitable or Educational Institutions Municipality or Panchayat, Government or Quasi-Government Body Deposit Amount Minimum deposit of Rs.1000/- or in multiple thereof. However, acceptance of FDRs of above Rs.10 crore shall be strictly subject to approval by Treasury Division, HO. Period of Deposit From 07 days to maximum 10 years, even for incomplete quarters. Issue of confirmation of Deposit As the rate of interest payable on the FD made under the ‘scheme’ may change during the currency of FD, the rate of interest payable till the maturity of FD and maturity value cannot be pre calculated. However, rate of interest and maturity value as per the relevant rate applicable on the date of making the FD will be mentioned in the field meant for the purposes in the confirmation of deposit, with explanatory note “Subject to change in the rate of interest from time to time during currency of the FD”. A rubber stamp bearing the name of the scheme and explanatory note stated above be invariably affixed on the confirmation of deposit. Demand Loan/Overdraft facility Depositors will be eligible for taking Demand Loan/Overdraft facility, as per bank scheme, against the F...