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Punjab National Bank (PNB) has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 20-25 basis points with effect from September 1 (Friday).
The public sector lender has also reduced its base rate by 20 basis points from 9.35 per cent to 9.15 per cent with effect from September 1.
As regards MCLR, the overnight rate has been reduced from 8 per cent to 7.75 per cent. The MCLR rates for all the other tenors -- one month, three month, six month, one year, three years and five years -- have been reduced by 20 basis points.
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