PNB increased much interest on FD by additional 80 basis points as 0.80 percent for seniorcitizens

V N Nadendla.

Punjab National Bank : Punjab National Bank (PNB) has increased the FD by an additional 80 basis points i.e. 0.80 percent for senior citizens above 80 years of age. This additional interest is being given on FDs ranging from 7 days to 10 years. The bank usually gives an additional interest rate of 50 basis points i.e. 0.50 percent to senior citizens 60 years and above over and above the FD rates of the general public. PNB is the first public sector bank that is currently offering the highest interest rate on FDs to senior citizens of 80 years as compared to other banks.

PNB has given on its official website that super senior citizens above the age of 80 years will get an additional interest of 80 basis points over the interest rate applicable across all maturity brackets. According to the bank, the same rate will be applicable for the members of the staff as well as the super senior citizens in the case of retired staff members. They will also get the benefit of 80 basis points. Let us tell you that at present no bank is paying that much interest on all tenures to its super senior citizen customers.

If you come under the category of senior citizens and want to take advantage of this scheme of PNB, then for this, senior citizens of Punjab National Bank (PNB) have recently increased the interest rate on some fixed deposits. The bank says that interest rates were increased on FDs of a particular duration for senior citizens and on FD deposits of all tenors for super senior citizens.

Know what is the interest rate?

Punjab National Bank had increased the interest rate for senior citizens on FDs of 5 to 10 years from 6.15 percent to 6.45 percent. Senior citizens will get an additional 0.50 per cent interest at the applicable rates on any domestic deposit FD maturing less than Rs 2 crore and super senior citizens will get 3.80 per cent to 6.55 per cent interest on FDs maturing in 7 days to 1111 days and On this, the benefit of additional interest of 0.80 percent will be available.

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