Money & Banking

PNB cuts RLLR by 40 bps; reduces MCLR by 15 bps

Our Bureau New Delhi | Updated on June 02, 2020 Published on June 02, 2020

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.

Published on June 02, 2020
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