PNB announces revised interest rates on Domestic Term Deposits

New Delhi, Jul 31 (UNI) Punjab National Bank (PNB), which has hiked Benchmark Prime Lending Rate (BPLR) by 100 basis points from 13 per cent to 14 per cent, today announced the revised rates of interest on Domestic Term Deposits.

The new interest rates will be effective from tomorrow. PNB is the first public sector bank which has responded to the Credit Policy stance of the RBI by hiking PLR and deposit rates.

Under the revised rates, the deposits below Rs 15 lakh for the duration of 7-14 days will earn 3.75 per cent rate of interest (roi) per annum, while deposits above Rs 15 lakh and below Rs one crore for the same period will earn 4.25 per cent roi.

According to the Bank's statement, deposits below Rs 15 lakh for the duration of 15-45 days will earn 4.75 per cent roi annually, while deposits above Rs 15 lakh and below Rs one crore for the same period will earn 5.25 per cent roi.

Deposits below Rs 15 lakh for 46-90 days period will earn revenue at 5.75 per cent per annum, while deposits above Rs 15 lakh and below Rs one crore for the same period will earn revenue at 5.25 per cent roi.

The deposits below Rs 15 lakh for the period of one year to less than three years will earn maximum revenue at 9.75 per cent roi.

However, above this period, roi will go down.

The RBI had, in its review of Credit Policy on July 29, given signals for a tight monetary policy, hiking repo rate by 50 bps and CRR by 25 bps, the latter by August 30.

UNI SG SBA AS1640