New Delhi, May 27: Punjab National Bank (PNB) and Bank of Baroda (BoB) on Tuesday, May 27 said that they will cut down their prime lending rate by 50 and 75 basis points, respectively with effect from Jan 1 2010.
PNB reduced its Benchmark Prime Lending Rate (BPLR) by 50 basis points from 12.5 per cent annually to 12 per cent. Bank of Baroda slashed its BPLR by 75 basis points from existing 13.25 per cent to 12.5 per cent.
Apart from this, PNB has also decided to reduce its peak deposit rate by 100 basis points to 8.5 per cent for deposits of one year to less than three years also effective from Jan 2010. Furthermore, the PNB slashed its interest rates on various retail lending schemes like floating rate housing loans and car and education loans by 50 basis points; along with reducing the interest rates on fixed rate housing loans up to 175 basis points.