Mumbai, Nov 6 (UNI) Public sector lender Dena Bank today cut Prime Lending Rate (PLR) by 0.75 per cent from November 10.
''We have cut our PLR by 0.75 per cent to 13.50 per cent with effect from the coming Monday,'' Dena Bank Chairman and Managing Director P L Gairola said.
He said the bank has also decided to trim its deposit rates.
''We have also decided to cut our peak deposit rates by 0.50 per cent. This will be effective from November 17,'' Mr Gairola said.
Accordingly, the peak interest rate (on deposits) will stand reduced from 10.25 per cent to 9.75 per cent.
Other leading banks, including SBI, Punjab National Bank, Bank of Baroda and others will soon follow suit, a leading banker said.
UNI AR LY VKG1922