Public Sector lender Punjab National Bank, or PNB, has announced a hike in its fixed deposit interest rates. 

The PNB FD rates are applicable on deposits below Rs 2 crore and will be effective from July 4, Monday 

PNB fixed deposit interest rate hike, deposits with tenors between 1 to 3 years will be increased by 10 to 20 bps.  

PNB FD rates have been hiked by 10 bps to 5.30 per cent, up from the earlier 5.20 per cent. 

1 year: For General Public - 5.30 per cent; For Senior Citizens - 5.80 per cent

Above 1 year to 2 years: For General Public - 5.30 per cent; For Senior Citizens - 5.80 per cent

Above 3 years to 5 years: For General Public - 5.50 per cent; For Senior Citizens - 6.00 per cent

Above 5 years to 10 years: For General Public - 5.60 per cent; For Senior Citizens - 6.10 per cent

1111 days: For General Public - 5.50 per cent; For Senior Citizens - 6.00 per cent

The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than Rs. 2 Crore. 

The new PNB FD interest rates have become effective nearly a month after the Reserve Bank of India hiked its repo rates by 50 basis points to tackle inflation.