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PNB to slash term deposit, lending rates by 0.25 pc from June
New Delhi, May 30: Punjab National Bank today decided to slash interest rates on term deposits by 0.25 per cent from June, a month after RBI`s bank rate cut.
New Delhi, May 30: Punjab National Bank today decided to slash interest rates on term deposits by 0.25 per cent from June, a month after RBI's bank rate cut.
PNB reduced interest rate to 4.0 from 4.25 per cent for term deposits kept for 7-14 days, while that for 15-45 days it has been slashed to 4.25 from 4.50 per cent.
For 46-90 days maturity period, the rate has been reduced to 5.0 from 5.25 per cent, a bank release said.
In case of deposits kept for 180-364 days, the rate has been revised to 5.25 per cent from 5.50 per cent.
Senior citizens will get 0.50 per cent higher interest on all maturities of deposits.
The revised rate will come into effect for fresh deposits and renewal of deposits from June 1, 2003.
PNB kept the term deposit rates for one year and above unchanged. Deposits for 1-3 years will continue to earn 5.75 per cent while that for three years and above will attract 6.00 per cent.
The bank earlier this week said it would slash prime lending rates by 0.25 per cent to 11 per cent from June 1.
PNB, the second-largest public sector bank, has also decided to cut prime term lending rate (PLTR) to 11.5 per cent from 11.75 per cent.
The move comes after the 0.25 per cent reduction in the benchmark bank rate by the Reserve Bank in its April slack season credit policy.
Bureau Report
For 46-90 days maturity period, the rate has been reduced to 5.0 from 5.25 per cent, a bank release said.
In case of deposits kept for 180-364 days, the rate has been revised to 5.25 per cent from 5.50 per cent.
Senior citizens will get 0.50 per cent higher interest on all maturities of deposits.
The revised rate will come into effect for fresh deposits and renewal of deposits from June 1, 2003.
PNB kept the term deposit rates for one year and above unchanged. Deposits for 1-3 years will continue to earn 5.75 per cent while that for three years and above will attract 6.00 per cent.
The bank earlier this week said it would slash prime lending rates by 0.25 per cent to 11 per cent from June 1.
PNB, the second-largest public sector bank, has also decided to cut prime term lending rate (PLTR) to 11.5 per cent from 11.75 per cent.
The move comes after the 0.25 per cent reduction in the benchmark bank rate by the Reserve Bank in its April slack season credit policy.
Bureau Report