New Delhi: With effect from Saturday, Punjab National Bank hiked interest rates on term deposits in some buckets by up to 60 basis points. "With effect from May 7 this year, the revised interest rates will apply to new deposits and renewals of existing deposits," PNB said in a statement.
PNB has increased interest rates on term deposits of less than Rs 2 crore to up to 5.10-5.15 percent, while single term deposits of Rs 2 crore and up to Rs 10 crore would have interest rates in the range of 3.50 - 4.05 percent per annum, it said. All other interest rates will stay constant and the rate modification will also apply to NRE/NRO term deposits (Callable only) plan, the bank said.
According to an official statement made by PNB, the state-owned bank has also increased the repo-linked lending rate (RLLR) for existing clients from 6.5 percent to 6.9 percent, effective June 1.
New customers will be subject to the updated RLLR beginning May 7. The RLLR increase follows the Reserve Bank of India's (RBI) surprise 40 basis point (bps) repo rate hike on Wednesday.
Bank of Baroda, ICICI Bank increase lending rates after RBI interest hike
MPC meet: RBI Governor announces hike in interest rate by 40 bps to 4.40 pc
