PNB hikes domestic term deposit rates by 25 basis points

New Delhi, July 1 (UNI) The Punjab National Bank (PNB) today announced it has hiked its interest rates on domestic term deposits by 25 basis points, with effect from July 1, 2006.

For maturity periods of three to five years domestic term deposit, the Bank now offers annuallised yield at the beginning of the slab at 7.71 per cent as against 7.41 per cent earlier.

PNB has increased the interest rate by 25 basis points for term deposits below Rs 15 lakh with the maturity period ranging from 180 days to less than five years.

On term deposits of Rs 15 lakh to below Rs five crore, the rate of interest has been increased by 25 basis points in between the maturity slabs from two years to 10 years.

For term deposits of below Rs 15 lakh, PNB now offers rate of interest on maturities slab of 7 to 14 days at 4 per cent, 15 to 20 days at 4.5 per cent, 30 to 60 days at 4.75 per cent. 61 to 90 days at 5 per cent, 91 to 179 days at 5.25 per cent, 180 days to less than a year at 6 per cent, 1 year to less than 2 years at 6.5 per cent, 2 years to less than 3 years at 6.75 per cent and 3 years to 10 years at 7 per cent.

For term deposits from Rs 15 lakh to below Rs 5 crore, PNB has made changes upwardly by 25 basis points in three maturity slabs and revised offered interes rates are 6.75 per cent for maturity period from 2 years to less than 3 years and 7 per cent annum for maturity period from 3 years to 10 years.

These interest rates shall also apply to accounts opened under Capital Gains Account Scheme. The Bank is also offering 0.5 per cent higher rate of interest on domestic term deposits for senior citizens on all maturities The bank had earlier increased the interest rates on domestic term deposits with effect from May 1, 2006.

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