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Punjab National Bank (PNB) Hikes FD Rates Up To 50 Bps On These Tenures: Details Inside
For fixed deposits (FDs) worth less than Rs 2 Cr, the public sector lender Punjab National Bank (PNB) has raised interest rates by up to 50 basis points. After making changes, the bank is now providing a maximum return on a 444-day term of 7.25% for the general public, 7.75% for senior citizens, and 8.05% for super senior citizens. According to the bank's official website, the new FD rates take effect on November 1, 2023.
PNB FD Rates
The bank will continue to give a 3.50% interest rate on fixed deposits maturing in 7 to 45 days, while PNB will continue to offer a 4.50% interest rate on those maturing in 46 to 179 days. PNB raised interest rates by 50 basis points (bps) on deposits with a term of 180 to 270 days, while the bank hiked interest rates by 45 bps on deposits with a tenure of 271 days to 1 year. The interest rate on deposits maturing in one year will remain at 6.75%, while PNB FDs that mature in one year to 443 days will continue to provide an interest rate of 6.80%.
The bank will continue to give a 7.25% interest rate on FDs maturing in 444 days, and PNB will continue to offer a 6.80% interest rate on those maturing in 445 days to 2 years. PNB will keep paying interest at a rate of 7.00% for deposits made over the course of two years and up to three years. For PNB FDs maturing over the course of three years and up to ten years, the interest rate will remain at 6.50%.
Senior citizens who are 60 years of age or older and up to 80 years of age would get an additional interest rate of 50 bps over and above the standard rates on domestic deposits of less than Rs. 2 crore for a period of up to five years, and 80 bps for a period above five years. Additionally, Super Senior Citizens who are 80 years of age or above will get an additional interest rate of 80 basis points over the standard card rate across all tenures.
| Period | Existing Rates For Public W.E.F. 01.06.2023 | Revised Rates For Public W.E.F. 01.11.2023 | Existing Rates For Senior Citizens W.E.F. 01.06.2023 | Revised Rates For Senior Citizens W.E.F. 01.11.2023 | Existing Rates For Super Senior Citizens W.E.F. 01.06.2023 | Revised Rates For Super Senior Citizens W.E.F. 01.11.2023 |
|---|---|---|---|---|---|---|
| 7 to 14 Days | 3.5 | 3.5 | 4 | 4 | 4.3 | 4.3 |
| 15 to 29 Days | 3.5 | 3.5 | 4 | 4 | 4.3 | 4.3 |
| 30 to 45 Days | 3.5 | 3.5 | 4 | 4 | 4.3 | 4.3 |
| 46 to 90 Days | 4.5 | 4.5 | 5 | 5 | 5.3 | 5.3 |
| 91 to 179 Days | 4.5 | 4.5 | 5 | 5 | 5.3 | 5.3 |
| 180 to 270 Days | 5.5 | 6 | 6 | 6.5 | 6.3 | 6.8 |
| 271 Days to | 5.8 | 6.25 | 6.3 | 6.75 | 6.6 | 7.05 |
| 1 Year | 6.75 | 6.75 | 7.25 | 7.25 | 7.55 | 7.55 |
| >1Year to 443 Days | 6.8 | 6.8 | 7.3 | 7.3 | 7.6 | 7.6 |
| 444 Days | 7.25 | 7.25 | 7.75 | 7.75 | 8.05 | 8.05 |
| 445 Days to 2 Years | 6.8 | 6.8 | 7.3 | 7.3 | 7.6 | 7.6 |
| above 2 years & upto 3 years | 7 | 7 | 7.5 | 7.5 | 7.8 | 7.8 |
| above 3 years & upto 5 years | 6.5 | 6.5 | 7 | 7 | 7.3 | 7.3 |
| above 5 years & upto 10 years | 6.5 | 6.5 | 7.3 | 7.3 | 7.3 | 7.3 |
| Source: Bank Website |
PNB News
Punjab National Bank (PNB) said on October 26 that its net profit for the July-September quarter of the current financial year jumped by 327 per cent to Rs 1,756 Cr, from Rs 411.27 Cr in Q2FY23. The bank's net interest income climbed by 20% year on year to Rs 9,922 crore in Q2FY24 from Rs 8,271 crore in the same quarter of the previous fiscal year. The other income of the lender surged to Rs 3,028 crore, or 6.3%, in Q2FY24. The September 2023 quarter saw a fall in provisions from Rs 4,906 crore in Q2FY23 to Rs 3,444 crore during the quarter under review.
PNB reported total income for Q2 FY'24 of Rs 29,383 crore and Rs 57,962 crore in HY1FY'24, representing YoY growth of 27.7% and 30.9%, respectively. The gross non-performing assets (NPAs) of the bank fell to 6.96 per cent as of September 30 from 7.73 per cent in the June 2023 quarter. For the July-September quarter of 2022, the gross non-performing assets (NPAs) were 10.48%. As of Q2FY24, GNPAs amounted to Rs 65,563.12 crore. PNB reports that its non-interest income climbed to Rs 3,028 crore for Q2 FY'24 and Rs 6,462 crore for HY1FY'24, representing growth of 6.4% and 20.0%, respectively.
PNB reports that as of September 23, its Gross Non-Performing Assets (GNPA) appeared at Rs 65,563 crore, lower than Rs 87,035 crore as of September 22, by Rs 21,472 crore, and its Net Non-Performing Assets (NNPA) came at Rs 13,114 crore, as against Rs 29,348 crore as of September 22, lower by Rs 16,234 crore on an annual basis.
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