Punjab National Bank (PNB) has reduced its external benchmark linked-product of Repo Linked Lending Rate (RLLR) by 40 basis points to 6.65 per cent from 7.05 per cent. This state-owned bank has decided to pass on the full benefit of RBI’s recent policy rate cut (announced on May 27) by 40 basis points.
Besides cut in RLLR, PNB has also reduced the MCLR by 15 basis points on Loans and Advances across all tenors. This will benefit customers through reduction in EMI or tenure of the loan, a PNB release said.
Deposit rates
PNB has reduced its savings fund deposit rates by 50 basis points with a maximum of 3.25 per cent with effect from July 1. The bank has further reduced its term deposit rates in various maturities bucket with a maximum rate of 5.50 per cent for deposits of specified maturities with effect from June 1, the statement said.
To safeguard the interest of Senior Citizen, PNB is offering a higher interest rate —75 bps over applicable card rate for all maturities on domestic deposit up to ₹2 crore. PNB is also offering schemes like the Senior Citizens Savings Scheme (SCSS) that provides guaranteed returns to senior citizens.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.