Monday, January 30, 2023
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Pressure on banks due to increase in interest rate on post office deposit scheme, interest rate on FD has to be increased

PNB FD Rate Hike: When the central government announced to increase the interest rates on post office deposit schemes, one after the other banks also have to take a decision to increase the interest rates on deposits. Public sector Punjab National Bank has also decided to increase interest rates on deposits by 0.50 per cent, which has come into effect from January 1, 2023.

PNB increased deposit rate by 0.50 percent

PNB has increased the FD rate on one-year term deposits from 6.25 per cent to 6.75 per cent. 6.75 percent interest will also be available on term deposits of one year to 665 days. 6.75% interest will also be available on term deposits of 667 to 2 years and term deposits with tenure between 2 to 3 years. Senior citizens will get half a percent more i.e. 7.25 percent interest on term deposits of all these periods, while super senior citizens will get 7.55 percent interest.

8.10% interest on 666 days FD

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PNB has decided to pay 6.80 per cent interest on different term deposits with tenure ranging from 1 year to 3 years under the Uttam scheme. Premature withdrawal option is not available in this plan. In this scheme, senior citizens will get 7.30 percent and super senior citizens will get 7.60 percent interest. PNB said that the bank will pay 8.10 percent interest on fixed deposits of 666 days.

Increased pressure on banks to increase interest rate

In fact, in 2023, banks will need cash to meet the increasing demand for loans. In such a situation, after increasing the interest rates on post office term deposits up to 1.10 percent, banks are also having to increase interest rates to woo the depositors.

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