PNB hikes interest rates on fixed term deposits

New Delhi, Dec 22 (UNI) Punjab National Bank today announced hike in fixed deposit rates by 25 to 75 basis points in different maturity periods, with effect from December 26.

''The rates have been hiked with a view to give phillip to economic development in the country,'' Bank's CMD S C Gupta said.

Mr Gupta expressed hopes for taking care of the reduced margins by better management of recovery in the asset portfolio.

In lieu of taking care of the hardening of interest rates in Government securities market and the credit pickup which have been the key triggers, the hike has been made, a statement issued here said.

The interest rate on domestic term deposit was last increased on November 13 this year.

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