As a part of larger governmental effort to boost the consumption and economy one of key public sector bank - PNB has decided to reduce the interest rates on Car Loans by 50 basis point. The rate cut will be effective from March 01. The bank says that it will give a fillip to the auto sector and boost its demand. With this reduction, interest rate on Car Loans will be in the band of 10.50 to 11.00 per cent as against 11.00 to 11.50 per cent at present.
However, the bank has also realigned the Interest rates on retail term deposits by reducing interest rates by 50 bps in the time slabs of 46 to 90 days and 180 days to less than 1 year. The above changes will be effective from next month. There is no change in interest rates on other time slabs with peak rate of 8% being offered for deposits of 1 year to less than 5 years.
The Asset Liability Management Committee of the Bank has decided to continue with other interest rates at existing level. However the bank will continuously monitor economic development and will respond to it appropriately as and when needed.
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