Fixed deposit interest rates are subject to change from time to time

Punjab National Bank (PNB) has revised its fixed deposit interest rates on select maturities with effect from Monday, July 1, 2019. State-run PNB has lowered the interest rate applicable to maturity periods such as 7-14 days and 15-29 days, according to the lender's website -- pnbindia.in. The bank is offering an interest rate of 5.5 per cent to general public and 6 per cent to senior citizens on fixed deposit maturities of 7-14 days and 15-29 days. Previously, the public sector bank paid interest rates of 5.75 per cent and 6.25 per cent on these FD maturities respectively.

Here are the latest interest rates paid by PNB on fixed deposits (FDs) up to Rs 2 crore with effect from July 1, 2019:

Period General public Senior citizens 7 to 14 days 5.5% 6% 15 to 29 days 5.5% 6% 30 to 45 days 5.5% 6% 46 to 90 days 6.25% 6.75% 91 to 179 days 6.25% 6.75% 180 days to 270 days 6.25% 6.75% 271 days to less than 1 year 6.5% 7% 333 days 6.75% 7.25% 1 year 6.8% 7.3% 444 days 6.85% 7.35% 555 days 6.85% 7.35% above 1 year & up to 3 years 6.75% 7.25% above 3 year & up to 5 years 6.25% 6.75% above 5 years & up to 10 years 6.25% 6.75%

Fixed deposit interest rates are subject to change from time to time. Last month, private sector lender HDFC Bank also revised its fixed deposit interest rates on select maturities.

(Also read: How to decide the best size and lock-in period for your fixed deposit)

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.