New Delhi, April 19 : PNB Reduces Base Rate/BPLR, Interest rates on Housing & Car Loans and Interest rates on Term Deposits.
In view of changing interest rate environment, liquidity in the system and other macroeconomic fundamentals in the economy, Punjab National Bank has been realigning its interest rates from time to time.
For better transmission of monetary policy measures declared by RBI in its Annual Monetary Policy on 17th April’12, PNB has reviewed its Base rate and BPLR and decided to revise them downwards by 25 bps i.e. from 10.75% to 10.50% in case of BR and from 14.25% to 14% in case of BPLR, to lessen the interest burden on its esteemed customers.
In earlier two occasions when RBI hiked the Repo rates by 25 bps each on 16.09.2011 and 25.10.2011, the increases were not passed on to customers and BR/BPLR were kept unchanged.
Considering moderation in inflation rate and improved liquidity in the system in general and the bank in particular, PNB has reduced interest rates on domestic and NRE term deposits by 25 to 50 bps in select maturity buckets. With this revision, the peak rate on single domestic retail term deposit will now be 9.00% for maturity period of 1111days.
Consequent upon the reduction in Base rate/BPLR, all lending rates linked to Base rate/BPLR will also get reduced accordingly.
In addition to the benefit of reduction in Base rate, PNB has also decided to further reduce its interest rates on Housing Loans and Car loans to give fillip to retail segment. The Housing loans upto Rs.75 lac will carry an interest of 10.75% and for loans above Rs.75 lac the rate will be at 11%, irrespective of tenor of repayment. Car loans will be priced at 12%. This reduction has been made applicable to the new, as well as existing customers.
The revised rates shall be applicable w.e.f. 01.05.2012.
The revised interest rate on term deposits is given in the annexure.
Interest rate on Term Deposit and NRE term Deposit
|
|
Revised w.e.f. 01.05.2012 |
Revised w.e.f. 01.05.2012 |
NRE Term deposit w.e.f 01.05.2012 |
|
|
Less than Rs.1 cr. |
Rs.1 cr. To Rs 10 cr# |
|
|
Period |
ROI % p.a. |
ROI % p.a. |
ROI % p.a. |
| 7 to 14 days |
4.00 |
4.00 |
NA |
| 15 to 45 days |
4.50 |
4.50 |
NA |
| 46 to 60 days |
5.50 |
7.00 |
NA |
| 61 to 90 days |
7.00 |
NA |
|
| 91 to 179 days |
6.75 |
8.00 |
NA |
| 180 to 270 days |
7.50 |
8.25 |
NA |
| 271 d to < 1 yr |
7.50 |
8.50 |
NA |
| 1 year to 5 years (Except 1111 days) |
8.75 |
9.00 (1 year only) |
8.75 |
|
8.75 (>1 yr to 5 yrs) |
|||
| 1111 Days |
9.00 |
9.00 |
NA |
| >5 years to 10 years |
8.50 |
8.50 |
8.50 |