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Our Bureau

New Delhi, Nov. 26 Punjab National Bank has decided to reduce its benchmark prime lending rate (BPLR) by 100 bps from 13.50 per cent to 12.50 per cent with effect from December 1.

The revised BPLR would be applicable in respect of all existing and new accounts linked with BPLR where rates are charged at BPLR and above, a PNB release said.

PNB has also, at its board meeting on Wednesday, decided to reduce its peak deposit rate from 10.50 per cent to 9.50 per cent for deposits of 1 year to less than 3 years.

Accordingly, interest rates in the time buckets having maturities of 180 days and above have also been reduced by 25 basis points to 100 basis points with effect from December 1.

PNB said these measures are being taken in response to the recent moves by RBI. The BPLR was last revised downward by the bank on November 1.

More Stories on : Public Sector Banks | Interest Rates | Punjab National Bank

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