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 PNB Increases Interest Rates on Domestic Term Deposits

New Delhi November 13, 2006

Punjab National Bank has marched ahead by announcing yet another hike in Fixed Deposits Rates in the Time slabs of 180 days to less then 2 years.

Explaining the logic behind revision of Deposit rates S.C. Gupta, Chairman & Managing Director, PNB said that it has been done with a view to give Phillip to economic development in the country. At the same time, he expressed hopes for taking care of the reduced margins by better management of recovery in the Asset Portfolio. PNB is sure of avoiding any Asset Liability mismatches by simultaneously managing its interest spreads. PNB has announced this hike taking care of the hardening of interest rates in Government securities market and the credit pick up which have been the key triggers.

The interest rate on domestic term deposit was last increased on 07.08.2006 but signaling a tightening trend. PNB has increased interest rates for deposits by 25 to 50 bps in the range on all maturities of 180 days to less than 2 years.

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