cuts domestic term deposit rates
Our Banking Bureau
2 April 2002
National Bank (PNB) has reduced the interest rates on domestic
term deposits. The new rates are effective from 1 April 2002.
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
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.
Go to the Punjab National
Bank index page