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Punjab National Bank (PNB) on Saturday announced that it has reduced its overnight Marginal Cost of Finds Based Lending Rate (MCLR) to 8.05 per cent from 8.20 percent.
This revised rate will come into effect from May 1, a release issued by the bank said.
MCLR has also been reduced for other maturities by 10 basis points.
PNB has also reduced interest rates on domestic retail term deposits of less than Rs 1 crore by 10-25 basis points in different maturities with effect from May 3 this year.
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