PNB revises interest rate on fixed deposits

Public sector Punjab National Bank on Saturday announced a 50 basis point increase in interest rates on fixed deposits for term of 1-2 years while slashing rates by 25 basis points on various other maturities. Interest rate has gone up by 50 basis points to 8.5% for 1-2 years fixed deposits. Deposits for 180 days to less than one year would now attract interest rate of 7.25% against 7.5% earlier. The interest rate on 2-5 years deposits has been slashed to 8.5% as compared to 8.75% earlier, it said. The new rates would come into effect from October 29.