PNB Fixed Deposit: Bank hikes interest rates for senior, super senior citizens, know details

The interest rate on fixed deposits for senior citizens and super senior citizens has increased at the public sector lender Punjab National Bank (PNB). While the interest rates on FDs for senior citizens have been set for a specific tenure, super senior citizens have the same rates in place for all tenures. The interest rates have increased by up to 30 basis points (bps) for sums up to Rs 2 crore, according to the bank's official website. The bank announced that new FD rates would go into effect on September 13, 2022. 

Additionally, according to the Punjab National Bank, senior citizens will receive an extra 50 basis points on any domestic deposit maturities with a value under Rs 2 crore. 

The bank stated on its official website that, "The Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5 years and 80bps for a period above 5 years on domestic deposits of less than Rs. 2 Crore." 

For senior citizens and super senior citizens who view fixed deposits as safe and appealing investment possibilities, this is fantastic news. Now, the bank is offering them an interest rate cap of 6.60 percent for senior citizens and 6.90 percent for super seniors. 

"In case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets," according to the bank. 

The highest rate of interest to be granted over the applicable card rate for PNB Tax Saver Fixed Deposit Scheme employees as well as retired employees who are also Senior Citizens is 100 bps.