New Delhi: State-owned Punjab National Bank (PNB) on Tuesday revised interest rate on fixed deposits by up to 0.5 percent on various maturities.

"For deposits less than Rs 1 crore having maturity between 7-14 days, the new interest rate will be 4.50 per cent from the existing 4 percent," PNB said in a statement.

Similarly, the bank has increased interest rate by 0.5 percent on the fixed deposit between 30-45 days. The new rate would be 5 percent from the existing 4.50 percent.

For term deposits having a maturity period of 180-270 days, the rate has been revised upwards by 0.25 percent to 7.75 percent.

The new rate would be effective from January 8, it added.

On the other hand, the interest rate for fixed deposit of 271 days to less than 1 year has been revised downwards by 0.25 percent to 7.75 percent, as compared with existing 8.25 percent.

Savers would earn 0.25 percent lower rate of interest on fixed deposits between 1-3 years and 5-10 years.

Fixed deposit between 1-3 years would now earn 8.75 per cent compared to existing 9 percent while 5-10 years would earn 8.75 percent against 8.75 percent.

The bank also realigned interest rates on fixed deposits of Rs 1 crore-Rs 10 crore by up to 0.5 percent.

Term deposits of 91-179 days would now earn an interest rate of 7.50 per cent, decrease of 0.5 percent.

Further, fixed deposits in the maturity bucket of 180-270 days would attract an interest rate of 7.75 percent, down from 8 percent.

Fixed deposit between 271 days and less than 1 year would now earn 8.25 percent compared to existing 8.50 percent, down by 0.25 percent.

In October last year, the bank had revised interest rates on fixed deposits of Rs 1 crore-Rs 10 crore by up to 2 percent.---PTI