PNB FD Interest Rates:- Banks are also reducing their interest rates due to rising inflation. According to the information received recently, Punjab National (PNB) has increased the interest rates on FDs of some periods (PNB Hikes FD Interest Rates) and has reduced the interest rates on FDs of some periods. Now the same is going to happen with you too, we are going to tell you all these things in this article written by us.
Explain that the new interest rates increased by PNB have come into effect from May 18, 2023. Let us tell you that on the last day Axis Bank has also cut interest rates on many term FDs.
Punjab National Bank has increased the interest rates on these tenures
Explain that PNB has increased the interest rate on FDs maturing in 444 days for regular citizens by 45 bps from 6.80 percent to 7.25 percent. In the same period, the bank has increased the interest rate for senior citizens by 45 bps from 7.30 per cent to 7.75 per cent. At the same time, the bank has increased the interest rate for NRE customers on FDs of the same period by 45 bps from 6.80 per cent to 7.25 per cent.
PNB has reduced the interest rates on FDs of these periods
Punjab National Bank has cut interest rates for regular citizens and senior citizens and NI investors on FDs maturing in 666 days. The bank has reduced the interest on FD of 666 days from 7.25 per cent to 7.05 per cent. The bank has reduced the interest rate for senior citizens on FDs of the same period from 7.75 per cent to 7.55 per cent. At the same time, the bank has reduced the interest rate for NRE customers on FDs of the same period from 7.25 percent to 7.05 percent.
Axis Bank has also reduced interest rates on FD.
Let us tell you that recently Axis Bank has also reduced the fixed deposit interest rates (FD interest rates) by 20 basis points on deposits of less than Rs 2 crore in PVT banks of the country. These changes made by Axis Bank give you the new FD interest rates effective from 18th May 2023. Axis Bank is offering interest rates ranging from 3.5 per cent to 7.10 per cent on FDs for tenures ranging from 7 days to 10 years.
Why interest rates fall and rise in banks
Interest rates depend on market conditions, economic policies, government regulations and bank policies. These rates keep changing from time to time. To do this, you should contact your local bank or financial institution to know about the new interest rates. They will be able to give better advice based on your investment plan, amount and tenure of investment.
It is worth noting that the interest rate on your investment amount may increase or decrease as per the rules of the bank or institution selected by you. Let us tell you that every bank has different interest rates. Where the interest rate is different in private banks, it is different in government banks. If you need more information then you can visit the bank branch or you can also visit the official website of the bank.
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