PNB offers up to 7.85% interest rate on 600-day fixed deposit scheme

The city-based Punjab National Bank (PNB) on Friday announced a special fixed deposit scheme for 600 days, offering a higher interest rate up to 7.85 per cent per annum.

This special rate of interest scheme has come to effect from October 19, 2022.

"The bank is offering higher interest rates up to 7.85 per cent per annum," it said in a release.

The scheme is applicable on single deposit term deposits below Rs 2 crore for senior (60 years and above) and super senior citizens (80 years and above).

Bank's domestic term deposit of 600 days (callable) offers 7 per cent interest rates and 600 days (non-callable) yields 7.05 per cent per annum.

Non-callable deposits are those with no option of premature withdrawal.

For senior and super senior citizens, the rates range from 7.50-7.85 per cent.

"Our aim is to offer the best-in-class schemes to our valuable customers and we are pleased to offer a higher interest rate to consumers so that they earn more on their saving. For further ease, our existing customers can avail this scheme online also through PNB ONE app and internet banking," Atul Kumar Goel, MD & CEO, Punjab National Bank, said.