PNB slashes interest rates

APRIL 9: The Punjab National Bank (PNB) will slash its prime lending rate and prime term lending rate and revise interest rates on domesti...

APRIL 9: The Punjab National Bank (PNB) will slash its prime lending rate and prime term lending rate and revise interest rates on domestic and non-resident term deposits from Monday.

The cuts, in line with the changes announced by the RBI, would be 0.5 per cent from the present level of 12 per cent and 11.5 per cent for PLR and PTLR, a PNB press note said today.

“The revised rates for domestic term deposits are 5 per cent for 15-45 days, 6 per cent for 46-90 days, 6.5 per cent for 91-179 days, 7 per cent for 180 days to less than one year, 8 per cent for one year to less than two years, 8.5 per cent for two years to less than three years and 9.5 per cent to three years and above.

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“Term deposits of Rs 15 lakh and above for a period less than one year will attract an additional 0.25 per cent over the above rates,” the bank said. The revised rates for NRE deposits were: 7 per cent for six months to less than one year, 8.5 per cent for one year to less than two years, 9 per cent for two years and less than three years and 10 per cent for three years and above.

For NRNR deposits, the revised rates were 7 per cent for six months to less than one year, 8.5 per cent for one year to less than two years and 10 per cent for two-three years.

Interest rates on savings fund account had already been reduced to four per cent with effect from April 1, the bank pointed out.

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