PNB Housing Finance, Central Bank of India revise fixed deposit (FD) rates. Check new rates here

PNB Housing Finance Limited, which is a registered housing finance company with National Housing Bank, has revised the interest rates of its fixed deposits, which are less than Rs 5 crore. The corporation is now offering an interest rate on deposits maturing in 12 to 120 months that ranges from 7 per cent to 7.40 per cent. The new rates are effective from October 7, 2022.

Public sector lender Central Bank of India also hiked its interest rates on fixed deposits of less than Rs 2 crore. The bank has increased the interest rates for schemes ranging from 7 days to 10 years with interest rates between 2.75 per cent and 5.60 per cent. The new rates will take effect on October 10, 2022.

Most banks are revising their term deposit interest rates after the Reserve Bank of India (RBI) increased its key repo rate by a 50-basis point taking it to 5.9 per cent last month. This is the fourth time since May the central bank has increased the repo rate.
 
PNB HFL interest rates

It is to be noted that the housing company offers non-cumulative fixed deposits and cumulative fixed deposits. For non-cumulative fixed deposits, investors can get interest rates every month. Under all the schemes, PNB Housing allows its customers to opt for monthly, quarterly, and yearly payouts.

For the cumulative option, interest is applied to the fixed deposit annually and is paid out along with the principal at maturity.

The housing finance company is now offering a maximum interest rate of 7.55 per cent on fixed deposits with maturities between 36 and 47 months.

The company is now offering an interest rate of 7 per cent on deposits maturing in 12 – 23 months. For 24 – 35 months’ schemes, PNB Housing Finance is offering an interest rate of 6.80 per cent. Cumulative fixed deposits maturing in 36 – 47 months will now offer an interest rate of 7.55 per cent, which is the maximum rate the company is offering. For deposits that would mature in 48 – 120 months, the interest rates have been set at 7.40 per cent.

For senior citizens, the company is offering a special rate of interest for deposits up to Rs 1 crore. The depositors would get 0.25 per cent higher than the usual rate.

CBI interest rates

For deposits of 7 to 14 days, the revised rate of interest is 2.75 per cent. For 15 to 30 days, it is 2.90 per cent. Fixed deposits with maturities between 31 and 45 days will continue to pay interest at a rate of 3.00 per cent, while deposits with maturities between 46 and 59 days will now pay interest at a rate of 3.50 per cent.

For deposits of 60 to 90 days, the bank will offer an interest rate of 3.50 per cent, while for deposits maturing in 91 to 179 days, the interest rate is 4 per cent.

For fixed deposits of 180 - 270 days, the interest rate is 4.65 per cent and on deposits maturing in 271 - 364 days, the bank will continue to offer an interest rate of 4.75 per cent.

For deposits of tenure between 1 year and less than 2 years, the revised rate is 5.55 per cent. It was earlier 5.45 per cent. The term deposits maturing in 2 years to less than 3 years will now offer an interest rate of 5.60 per cent.

For FD schemes with tenure 3 years to less than 5 years, the interest rate is 5.50 per cent. Schemes maturing between 5 years and 10 years, will draw interest of 5.60 per cent.

In addition, the bank increased the interest rate on a special 555-day term by 20 basis points to 5.75 per cent from 5.55 per cent. For 999-days, the interest rate is 6.25 per cent.