Punjab National Bank (PNB) and Union Bank of India hikes deposit interest rates
MUMBAI:Major public sector bank viz. Punjab National Bank (PNB) increased their term deposit rates by up to one percentage point depending on the maturity, from September 1, 2010.
PNB said this in a communication to Bombay Stock Exchange.
The bank was also launching two special deposit schemes, namely PNB Dugna and PNB Lakhpati, from September 1 on special rates.
Another peer from the public sector banks, Union Bank of India , also hiked its deposit rates today. Few other banks like SBI and ICICI had earlier hiked their deposit rates, following as the Reserve Bank of India"s tight monetary policy over the past few months.
Meanwhile, UBI has also introduced a new scheme called "Union Million Deposit" which will get an interest of 7.80 per cent. Under the new scheme, a recurring deposit of 5,510 per month for 10 years or a one time deposit of Rs 4,61,861 will get the depositor Rs 10 lakh after ten years.