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PNB cuts domestic term deposit rates
Our Banking Bureau
2 April 2002


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New Delhi:
Punjab National Bank (PNB) has reduced the interest rates on domestic term deposits. The new rates are effective from 1 April 2002.

The new rates for term deposits of less than Rs 15 lakh are (in percentage) 91 to 179 days: 6.50; 180 days to less than one year: 6.50; one year to less than two years: 7.25; two years to less than three years: 7.50; three years and above: 8.00. There is no change in the rate for deposits accepted for up to 90 days.

For a single deposit of Rs 15 lakh to less than Rs 1 crore accepted for a period of less than one year, a 0.25-per cent higher rate will be permitted. For a single deposit of Rs 1 crore to less than Rs 5 crore, a 0.5-per cent higher rate will be permitted for maturities up to179 days and a 0.25-per cent higher rate for maturities of 180 days to less than one year.

The rates on a single deposit of Rs 5 crore and above are decided by the bank from time to time. Senior citizens will get an additional
interest of 0.5 per cent for maturities of less than one year and 0.75 per annum for maturities of one year and above.

The bank has also revised the rates for NRE deposits. The new rates will be: 6.5 per cent for deposits of six months to less than one year; 7.25 per cent for one year to less than two years; 7.5 per cent for two years to less than three years; and 8 per cent for three years and above.



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PNB cuts domestic term deposit rates