PNB hikes interest rate on fixed deposit by 0.25 percent

IANS – Thu 2 Aug, 2012 3:50 PM IST

Mumbai, Aug 2 (IANS) The government-run Punjab National Bank Thursday hiked interest rates on term deposit of one year period by 0.25 percent to 9 percent for both domestic and external rupee accounts.

"Punjab National Bank has decided to increase rate of interest on single domestic term deposit of less than Rs.1 crore from 8.75 percent to 9 percent for maturity of one year with effect from Aug 2, 2012," PNB said in a statement.

The same shall also be applicable to non-resident external rupee account (NRE) term deposits. Similarly, the interest rate of 9 percent shall also be applicable to NRE term deposits of 1111 days, as applicable to domestic term deposits, PNB said.

The share price of PNB fell 0.45 percent to Rs.728.40 at the Bombay Stock Exchange Thursday.

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