PNB slashes BPLR by 50 bps

Punjab National Bank has decided to slash the BPLR by 50 bps from 11.50% per annum to 11% per annum.

The reduction in BPLR will be applicable to all the existing and new accounts linked with BPLR.

Besides, the bank has also reduced the interest rate on retail term deposits (less than Rs 1 cr), depending on the amount and duration of deposits.

With this, the peak rate of deposits now being offered is 7.5% in the time period of 3 years to less than 5 years as against 8% offered earlier.

All these revised rates will be applicable w.e.f. May 01, 2009.