merisarkar news service
New Delhi, August 31, 2010
PNB is trying to woo depositors ahead of festival season
Punjab National Bank (PNB) has increased fixed deposit rate by 25 basis points on select maturities, the bank said.
The bank has realigned the rate of interest on retail term deposit with an increase of 25 basis points from September 1 on two slabs, PNB informed the Bombay Stock Exchange.
The new rate for 180-270 days term deposit would be 6 per cent from the existing 5.75 per cent while 1-2 years fixed deposit would be 7 per cent.
Earlier this month, the bank had raised its prime lending rates by 75 basis points to 11.75 per cent and deposit rates across various maturities between 25-75 basis points.
At the same time, it said, the bank was also launching two special deposit schemes, namely PNB Dugna and PNB Lakhpati, from September 1 on special rates.
Besides, PNB launched festival bonanza offering home loan at 8.5 per cent earlier this month.
The concessional rate of 8.5 per cent has been fixed for three years for housing loans up to Rs 50 lakh. As per the existing rate-card, loans up to Rs 30 lakh attract a lowest rate of 9.25 per cent with a repayment period of 5 years while loans above Rs 30 lakh is available at 10 per cent for similar maturity.
At the same time, new car loan borrower under fixed option will get a rebate of 0.5 per cent. The festival offer is valid from August 20 to December 31, 2010.
