As of August 1, 2024, Punjab National Bank (PNB) has updated its fixed deposit (FD) interest rates, offering new rates across various tenures. This revision reflects the bank's commitment to providing competitive returns to its customers. Here’s a detailed look at the new rates and benefits for senior citizens.

Revised FD Interest Rates

Under the new rates effective from August 1, 2024, PNB has set the maximum interest rate at 7.25% for a fixed deposit tenure of 400 days. For a 300-day FD, the interest rate is 7.05%. Rates for other tenures vary from 3.5% to 7.25%:

7-45 days: 3.5% per annum

46-179 days: 4.5% per annum

180-270 days: 6.25% per annum

271-299 days: 6.50% per annum

300 days: 7.05% per annum

301 days to 1 year: 6.5% per annum

1 year: 6.80% per annum

2 years: 6.80% per annum

3 years: 7.00% per annum

4 years: 6.50% per annum

5 years: 6.50% per annum

Senior Citizen Benefits

PNB offers enhanced rates for senior citizens, who are entitled to an additional 50 basis points on the standard FD rates:

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400-day FD: 7.75% per annum

300-day FD: 7.55% per annum

1 year FD: 7.30% per annum

For super senior citizens, who receive an extra 30 basis points on top of the senior citizen rates:

400-day FD: 8.05% per annum

2-3 year FD: 7.80% per annum

These rates provide a significant benefit to senior and super senior citizens, ensuring better returns on their investments.

Bank of India FD Rates Update

In addition to PNB's revisions, the Bank of India has also updated its FD interest rates, effective from August 1, 2024. For deposits less than ₹3 crore and those ranging from ₹3 crore to ₹10 crore, the interest rates now vary from 3% to 6% for tenors ranging from 7 days to 10 years. This update aims to align the bank's offerings with current market conditions and provide competitive returns to depositors.

Conclusion

The revised FD rates by PNB and Bank of India offer attractive returns, especially for senior and super senior citizens who benefit from additional interest rates. These changes reflect the banks’ efforts to meet customer needs and provide competitive financial products in a dynamic market environment. For depositors, this is an opportune moment to review and invest in fixed deposits to take advantage of the revised rates.

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