Punjab National Bank (PNB) has hiked interest rates on fixed deposits (FDs) on certain tenures  Deposits under Rs. 2 crore would be subject to the increased interest rates. On February 20, 2023, the new rates will go into effect, according to the bank's website.

PNB raises the FD rate: The increase in interest rates can be between 5 and 30 bps. The bank raised the interest rate on deposits with maturities of between 271 days and less than a year by 30 basis points to 5.80 percent.. FDs with maturities of between one year and 665 days will see a 5 basis point hike to 6.80 percent.. An interest rate of 6.80 percent. will be paid on FDs that mature in periods of 667 days to two years. PNB will now offer an interest rate on deposits maturing in 7 days to 10 years that ranges from 3.5 percent. to 7.25 percent. following the most recent increase.

PNB latest FD rates effective 20 February 2023 as under:
7 to 14 days 3.50 percent ** 15 to 29 days 3.50 percent. ** 30 to 45 days 3.5 percent. ** 46 to 90 days 4.50 percent. ** 91 to 179 days 4.50 percent. ** 180 days to 270 Days 5.50 percent. ** 271 days to less than 1 year 5.80 percent. **1 year 6.80 percent. ** Above 1 year to 665 days 6.80 percent. ** 666 days 7.25 percent. **  667 days to 2 years 6.80 percent. ** above 2 year & upto 3 years 7 percent. ** above 3 year & upto 5 years 6.50 percent. ** above 5 years & upto 10 years 6.50 percent.

The interest rate on PNB FDs for retirees: PNB will provide older citizens with interest rates on deposits maturing in 7 days to 10 years that range from 4 percent. to 7.75 percent..

PNB FD interest rate for super senior citizens:  PNB will provide super elderly persons with interest rates on deposits maturing in 7 days to 10 years that range from 4.3 percent. to 8.05 percent.. 80 years of age and older are considered super senior citizens.

After the Central Bank of India's 25 basis point increase in repo rates on February 8th, many banks, notably the State Bank of India (SBI), Axis Bank, Kotak Mahindra, and IndusInd Bank, increased their fixed deposit (FD) interest rates.

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