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PNB now offers a top rate of 8.05% for super seniors on a tenure of 444 days. This followed an increase in interest rates by up to 50 basis points on fixed deposits under Rs 2 Cr, effective November 1, 2023. The bank now provides a return of 7.25% for the general public and 7.75% for senior citizens on a 444-day term. Senior citizens aged between 60 to 80 receive an additional 50-80 basis points on domestic deposits under Rs. 2 crore. Super senior citizens aged 80 and above are granted an additional 80 basis points across all tenures.
Meanwhile, BOB offers up to 1.0% higher interest on certain fixed deposits for seniors. The BOI provides a maximum rate of 7.40% to super seniors on a tenure of three to less than five years. Karnataka Bank’s top rate for seniors is at 7.65% on one year and above fixed deposits, while South Indian Bank offers a maximum of 7.50% interest to seniors on one-year-and-one-day fixed deposits.
In comparison, IDFC bank’s highest fixed deposit rate is at 7.75% on a tenure of 549 days to two years, with an additional 0.50% for seniors. Jana Small Finance Bank provides the highest rate of 9.0% for seniors on fixed deposits with a tenure of more than two to three years (1,095 days). Elsewhere, HDFC Senior Care fixed deposit offers 7.75% for tenures of five years and one day to 10 years.
In other news, PNB’s net profit rose by 327% to Rs 1,756 Cr from Rs 411.27 Cr in Q2FY23. Net interest income increased by 20% YoY to Rs 9,922 crore, and other income grew by 6.3% to Rs 3,028 crore. Provisions fell by Rs 1,462 crore to Rs 3,444 crore from Q2FY23. Gross non-performing assets (NPAs) decreased to 6.96% as of September from the previous quarter’s 7.73%. Total income for Q2 FY’24 was Rs 29,383 crore, a YoY growth of 27.7%. For HY1FY’24, total income was Rs 57,962 crore, a growth of 30.9%. Non-interest income climbed to Rs 3,028 crore for Q2 FY’24 and Rs 6,462 crore for HY1FY’24, representing growth of 6.4% and 20.0%, respectively.
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