PNB To Reduce Maturities Lending Rates By 100 Bps - Nov 27, 2008

Punjab National Bank will cut its benchmark prime lending rate (BPLR) by 100 bps to 12.50 per cent from 13.50 per cent. The revised rates will come into effect from December 1. The revised BPLR would be applicable in respect of all existing and new accounts linked with BPLR where rates are charged at BPLR and above. PNB has also, decided at its board meeting on November 26, to reduce its peak deposit. rate from 10.50 per cent, to 9.50 per cent for deposits of 1 year to less than 3 years. Accordingly, interest rates in the time buckets having maturities of 180 days and above have also been reduced by 25 basis points to 100 basis points with effect from December 1.