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Two Delhi based lenders Punjab National Bank (PNB) and Punjab & Sind Bank (PSB) today announced raising their deposit rates by up to 100 basis points.
Besides deposit rate, PNB has also raised the benchmark prime lending rates by 50 basis points to 13 per cent.
The country’s second largest public sector lender PNB also hiked its base rate, the rate below which bank is not allowed to extend credit, by 50 basis points to 9.50 per cent.
The rate hike will be effective from tomorrow.
The decision to raise rates by these banks comes within a week of the Reserve Bank raising its key policy rates by 25 basis points each.
PNB will now give a peak interest rate of 9.25 per cent on deposits with a maturity period of 1,111 days, while PSB will give the same interest rates for deposits of 1,000 days.
PSB has also announced that it will give an interest of 8.25 per cent and 9 per cent on deposits with maturity of 222 days and 500 days, respectively.
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