BackPNB cuts rate on FD on select maturities by up to 0.25%
The bank has slashed the interest rate by 0.25% from 7.75% to 7.50 on term deposits with 180 days to one year tenure
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New Delhi: State-owned Punjab National Bank on Tuesday reduced interest rate on fixed deposit by up to 0.25% on select maturities. The bank has reduced interest rates on domestic term deposits in select maturity buckets and the revised rates would be effective from 26 June, PNB said in a statement.
The bank has slashed the interest rate by 0.25% from 7.75% to 7.50 on term deposits with 180 days to one year tenure. For 1-2 years tenure, the interest rate has been reduced by 0.15%, while 2-5 years, it has been reduced by 0.25% to 8%.
On 2 June policy, RBI reduced the key interest rate by 0.25%. The central bank cut the repo rate (short-term lending rate) from 7.5% to 7.25, but left all other policy tools like cash reserve requirement unchanged at 4% and Statutory Liquidity Ratio (SLR) at 21.5%.
PNB had last reduced its interest rate on fixed deposit by 0.25% in April. The rate of interest on fixed deposit in between one to five years was reduced to 8.5% from 8.75%. Subsequently, it reduced its base rate or minimum lending rate by 0.25% in May in line with market competition. The bank has revised downwards the base rate to 10% from 10.25%, effective 7 May.
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