New Delhi: Punjab National Bank (PNB) increased its fixed depository rates in certain time blocks.

The enhancement ranged 25 to 125 basis points in various maturity periods that would be effective from August 16. On domestic term deposits, the rate of interest increased by the bank in January this year.

Punjab National Bank (PNB) was established in 1895 in Lahore by Lala Lajpat Rai. It is the second biggest public sector Indian commercial bank with about 4500 branches and offices all through the country.

The Government of India nationalized the bank in conjunction with 13 other major commercial banks of India, on July 19, 1969.