Personal loan lenders, Punjab National Bank and Union Bank have increased deposit rates by upto1% point on numerous maturities.
The banks have increased interest rates on deposits whose maturities lie between 91 days to below 6 months to 5.50%, an increase of 1% over the previous rates. Deposits having maturity of one year but below 2 years have gone up 0.25%.
PNB has hiked rates on 2 maturities by 25 basis points. New rates for 180-270 day deposits now would be 6% while for 1-2 year deposits they would be 7%.
Interest rates on deposits with tenor of 15-45 days now will have 3.5%. Deposits between 9 months to one year have gone up 0.25% from 5.75% to 6%.
UBI has also launched a new scheme called as Union Million Deposit which carries an interest rate of 7.80%.