New Delhi. The process of raising interest rates continues after the Reserve Bank of India (RBI) hiked the policy rate. Banks are increasing interest rates on fixed deposits along with the increase in loan rates. Many banks in the country have announced an increase in their FD rates. There are also finance companies in this phase. Now PNB has changed the interest rate offered on Housing Finance FD.
The new rates are effective from August 10, 2022
PNB Housing Finance says that now the company will offer a maximum of 7.25 percent interest on fixed deposits below Rs 5 crore. The company’s new rates are effective from August 10, 2022.
Also Read- Axis Bank Changes Interest Rates on FDs, See How Much Returns You’ll Get Now
PNB Housing Finance FD Rate
After the change, the company will pay 6.50 per cent interest on incremental FDs made with tenors of 12 to 23 months. The company offers 6.55 percent on FDs of 24 to 35 months, 7.25 percent on FDs of 36 to 47 months, 7.15 percent on FDs of 48 to 59 months, 7.30 percent on FDs of 7 to 71 days and 72 to 84 Rs. 7.25 percent interest will be paid on monthly FDs. The company will now pay 7.25 percent interest on FDs for 120 months The company will now offer 6.1 per cent to 7.02 per cent monthly interest on non-community FDs of 12 to 120 months.
RBI hiked repo rate by 0.5 percent to 5.4 percent
Notably, the Reserve Bank of India (RBI) recently increased the repo rate by 0.5 percent to 5.4 percent. Repo rate hits 3-year high.
Tag: Bank FD, FD Rate, fixed deposit, Money Making Tips, Punjab National Bank
First Published: August 15, 2022, 18:21 IST