Before starting with Punjab National Bank fixed deposit interest rates let us first look into its historical background. Punjab National Bank was established on 19 May 1894 by the leaders of the Swadeshi movement in modern-day Lahore, Pakistan. Prominent among them were Sardar Dayal Singh Majithia, Lala Harkishan Lal, Lala Lal Chand and Lala Dholan Das. Lala Lajpat Rai opened an account with PNB in its first office in front of Arya Samaj Temple in Anarkali, Lahore.
PNB was the first national and indigenous bank in India to open its first branch on 12 April 1895 in Lahore, West Punjab. Lala Yodh Raj took over the reins of the bank in the year 1943 and shifted the head office of the bank from West Punjab to Delhi in June 1947, a few months before Partition. In 1951, the bank had acquired Bharat Bank Limited and became the second largest bank in the private sector.
The PNB has maintained the account of our prominent national leaders such as Mahatma Gandhi, Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi, and also the Jallianwala Bagh Committee. The nationalization of the bank by Mrs Indira Gandhi at midnight on 19 July 1969 changed the way banking was done in India.
With the amalgamation of Oriental Bank of Commerce and United Bank of India with PNB, it became the second largest public sector bank in the country with a turnover of Rs. 18 lakh crore (approx), 11,000 branches (approx) and more than 1 lakh workforce
Punjab National Bank Fixed Deposit and Recurring Deposit Interest Rates
| Sl. No | Period | ROI (% p.a.) For Term Deposit less that Rs. 2 Cr. | For Senior Citizen ROI (% p.a.)** | ROI (% p.a.) For Term Deposit from Rs. 2 Cr. To Rs. 10 Cr. |
| 1 | 7 to 45 days | 4.25 | 4.75 | 3.60 |
| 2 | 46 to 90 days | 5.00 | 5.50 | 3.80 |
| 3 | 91 to 179 days | 5.00 | 5.50 | 4.00 |
| 4 | 180 days to 270 Days | 5.50 | 6.00 | 4.50 |
| 5 | 271 days to less than 1 year | 5.60 | 6.10 | 4.50 |
| 6 | 1 year | 5.80 | 6.30 | 5.00 |
| 7 | above 1 year & upto 2 years | 5.80 | 6.30 | 5.00 |
| 8 | above 2 year & upto 3 years | 5.80 | 6.30 | 5.00 |
| 9 | above 3 year & upto 5 years | 5.80 | 6.30 | 5.00 |
| 10 | above 5 years & upto 10 years | 5.80 | 6.30 | 5.00 |
Punjab National Bank Savings Bank Deposit Interest Rates
| Amount | Rate of Interest |
|---|---|
| Up to Rs. 50 Lakhs | 3.00% p.a. |
| Above Rs. 50 Lac | 3.25% p.a. |
That’s all for Punjab National Bank history and fixed/recurring deposit Interest rates. Thanks for visiting us !