Punjab National Bank cuts interest rates
New Delhi/IBNS: Punjab National Bank (PNB) has decided to pass on the full benefit of recent RBIs policy rate cut of 75 bps to its borrowers covered under External Benchmark linked product of Repo Linked Lending Rate (RLLR) in respect of Retail/ MSME portfolio w.e.f 01.04.2020.
Further, Bank has also reduced its MCLR rates by 30 bps across the tenor for better monetary transmission of policy rate cut benefit to the borrowers.
The rates shall be applicable for the amalgamated entity. The bank has also reduced its base rate by 15 bps from 9.05% to 8.90 percent.
"Bank has further reduced its term deposit rates in various maturities bucket with maximum rate of 5.80% for deposits maturing in 1 year and above," the bank said in a statement.
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