Money & Banking

Punjab & Sind Bank reduces interest on deposits over Rs 1 cr

PTI New Delhi | Updated on April 19, 2011

Punjab & Sind Bank has reduced the interest rate by up to 1.25 per cent on domestic term deposits of above Rs 1 crore.

“Keeping in view eased liquidity and sluggish credit off take Punjab & Sind Bank has reduced the rate of interest on domestic term domestic of above Rs 1 crore to 5 crore ranging from 25 basis points to 125 basis points with effect from April 18, 2011,” the bank said in a statement.

The bank has, however, hiked the interest rate for 31—45 days maturities to 7.25 per cent, it said.

The interest rates for deposits up to Rs 1 crore remain unchanged, it added.

Published on April 19, 2011

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