The RBI repo rate reduction of 25 basis points prompted Punjab National Bank (PNB) to modify its fixed deposit interest rates as part of the larger banking sector trend in India. The new interest rates are now active and affect all customers including general and senior citizens throughout different deposit periods.
PNB currently provides FD interest rates from 3.50% to 7.10% for time periods ranging from 7 days to 10 years. The 390-day fixed deposit at PNB offers the maximum interest rate of 7.10% which attracts investors who seek short-term financial gains. PNB maintains competitive FD rates through its special schemes which provide senior citizens higher returns with additional basis points.
The interest rate adjustment serves as a response to the Reserve Bank of India’s monetary policy change which targets economic growth through enhanced liquidity. The rate cuts from major lenders SBI HDFC Bank and Canara Bank have made PNB’s stable offerings more attractive to conservative investors.
Depositors should evaluate their FD approach by exploring short-term deposit plans and staggered investments to match the evolving interest rate conditions.
