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| PNB reduces BPLR, terms deposit rates | | | EARLY TIMES REPORT
Jammu, Nov 29: In response to monetary measures taken by the RBI during November 2008 such as reduction of Repo Rate from 8 % to 7.50 %, CRR from 6 % to 5.5 % and SLR from 25 % to 24 %, the Punjab National Bank in its Board meeting has decided to cut the BPLR by 100 bps from 13.50 % to 12.50 % w.e.f. December 1. This measure has been taken to ensure credit to the borrowers at a lower rate during the busy season. The BP LR was last revised downward by the Bank on November 1 last.
The revised BPLR shall be applicable in respect of all existing and new accounts, wherever the interest rates are charged at BPLR or above.
Further, keeping in view the recent monetary and fiscal measures announced and downward movement of inflation rate, bank has now decided to reduce peak deposit rate from 10.50 % to 9.50 % for deposits of one year to less than three years. Accordingly, interest rate in the time buckets having maturities of 180 days and above is also being reduced by 25 bps to 100 bps from next month. |
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