PNB slashes interest rates on term deposits by 25-50 bps
New Delhi: In view of surplus liquidity,
state-run Punjab National Bank will reduce interest rates on
fixed deposits by 25-50 basis points for select categories
from November 9.
The revised rates would be applicable from November 9,
PNB said in a statement today.
"The reduction in deposit rates is a part of effective
liquidity management in the current surplus scenario," PNB
said, adding, "The rates would be revised whenever there is a
change in the liquidity scenario in the system."
With the revision in the rates, the maximum rate on
retail term deposits would be 7 per cent in the buckets of 3
years and above.
Senior citizens, the bank said, would continue to get
and additional interest of 50 basis points.
Bureau Report