Interest rates

GNP raises FD interest rates for seniors, super seniors; Offers up to 6.9%

The Punjab National Bank (PNB) has increased its interest rate on term deposits on one term for seniors (over 60) and on all terms for super seniors (over 80). The latest interest rates, which took effect on Tuesday, September 13 and will apply to deposits below Rs 2 crore, saw the hike up to 30 basis points.

The National Bank of Punjab has increased the interest rate on fixed deposits for senior citizens by 30 basis points (bps) over the term of 5 to 10 years, from 6.15% to 6.45%.

According to the PNB website, “People between the ages of 60 and up to 80 will benefit from an additional interest rate of 50 bps on the applicable card rates for a period of up to 5 years and 80 bps for a period exceeding 5 years on domestic deposits of less than Rs 2 crore In the case of staff members as well as retired staff members who are also elderly, the maximum rate of interest allowed on the applicable card rate is 150 basis points for a period up to 5 years and 180 basis points for a period longer than 5 years.

He added that super seniors over the age of 80 will earn an additional 80 basis points of interest over the applicable card rate in all maturity bands. “In the case of staff members as well as retired staff members who are also super seniors, the maximum interest rate allowed on the applicable card rate will be 180 basis points on the applicable card rate in all maturity tranches.”

Here are the revised interest rates on term deposits below Rs 2 crore for seniors and super seniors at the Punjab National Bank (per annum) from 13 September:

7 days to 14 days: For the elderly – 3.50%; For super seniors – 3.80%

15 days to 29 days: For the elderly – 3.50%; For super seniors – 3.80%

30 days to 45 days: For the elderly – 3.50%; For super seniors – 3.80%

46 days to 90 days: For the elderly – 3.75%; For super seniors – 4.05%

91 days to 179 days: For the elderly – 4.50%; For super seniors – 4.80%

180 days to 270 days: For the elderly – 5.00%; For super seniors – 5.30%

271 days to less than 1 year: For the elderly – 5.00%; For super seniors – 5.30%

1 year: For the elderly – 6.00%; For super seniors – 6.30%

Above 1 year to 404 days: For the elderly – 6.00%; For super seniors – 6.30%

405 days: For the elderly – 6.60%; For super seniors – 6.90%

406 days to 2 years: For the elderly – 6.00%; For super seniors – 6.30%

Above 2 years to 3 years: for the elderly – 6.10%; For super seniors – 6.40%

Above 3 years to 5 years: For the elderly – 6.25%; For super seniors – 6.55%

Above 5 years to 10 years: For the elderly – 6.45%; For super seniors – 6.45%

1111 days: For the elderly – 6.25%; For super seniors – 6.55%.

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