The Hindu Business Line : PNB to cut term deposit rates

Punjab National Bank (PNB) has decided to reduce interest rates on retail term deposits by 25 to 50 basis points in select time buckets. The revised rates will be applicable from Monday. The reduction in deposit rates is a part of effective liquidity management in the current surplus liquidity scenario. With the current reduction, the highest interest rate on retail term deposits will be 7 per cent offered in the buckets of 3 years and above, a PNB release said. For deposits in the time period of 15-45 days, the interest rate has been reduced from 3 per cent to 2.75 per cent. Similarily, for 46 to 90 days deposits, the rate has been brought down from 4.25 per cent to 4 per cent. In the 2-3 years bucket, the rate has been reduced to 6.75 per cent from 7 per cent earlier. In 3-5 years period, the deposit rate has been reduced to 7 per cent from 7.5 per cent earlier.

— Our Bureau

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