New Delhi: State-owned Punjab National Bank on Friday realigned interest rates on fixed deposits of Rs 1 crore-Rs 10 crore by up to 2 percent.
Term deposits of 7-14 days would now earn an interest rate of 6 percent, an increase of 2 percent, PNB said in a statement.
Further, fixed deposits in the maturity bucket of 15-29 days would attract an interest rate of 6 percent, up from 4.50 percent.
The realignment is with immediate effect.
In case of maturity period of 30-45 days, the interest rate has been cut by 25 basis points to 6.25 percent. Similarly, for 46-90 days, interest is 7 percent, down from 7.25 percent.
Fixed deposit between 271 days and less than 1 year would now earn 8.50 percent compared to existing 8.75 per cent.
Decision of deposit rate hike come days after the RBI kept its policy rate unchanged.
The repo rate or the short term lending rate has been kept static at 8 percent. The cash reserve ratio (CRR), the portion of deposits that banks are required to maintain with the RBI in cash, unchanged at 4 percent.
