Public sector lender, Punjab National Bank has hiked deposit rates on different maturities.

The lender is aiming to maintain its deposit growth at 25%. It has announced two new deposit schemes; one giving 7.5% for 555 days and another offering 7.6% for 1000 days.

The bank had also raised its deposit rates in October in the range of 0.25-0.50% across different maturities. The highest rate offered by the bank is 8% for the 8-10 year maturity.

The second quarter of this fiscal has seen the deposits of the bank grow to Rs 2,73,394 crore, a year-on-year increase of 18 per cent from Rs 2,30,823 crore.

Many other banks like State Bank of India, IDBI Bank and Karur Vysya Bank are also in the same track of raising deposit rates.