Punjab National Bank hikes PLR
Our Economic Bureau
New Delhi, Jan 23: The Delhi-based Punjab National Bank (PNB) has increased its prime lending rate (PLR) by 150 basis points to 14 per cent.According to an official press release, the prime term-lending rate (PLTR) for loans over three years has been increased from 12.75 per cent to 13.50 per cent. The revised rates will come into effect from Friday. The bank has also increased the rates on domestic deposit across all maturities. The interest rates on 30-45 days deposits have been hiked from 5 per cent to 6 per cent, on 46-179 days from 6 per cent to 7 per cent and on 180 days to one year from 7.5 per cent to 8.5 per cent. For deposits above one year to two years, the rate has been increased from 9 per cent to 10 per cent, for over two years to three years from 10 per cent to 11 per cent and for above three years, the rates has been hiked from 11 per cent to 11.5 per cent. The rates on NRE deposits has been increased from 7.5 per cent to 8.5 per cent for deposits having maturity from six months to one
year, from 9 per cent to 10 per cent for maturities over one year to two years, from 10 per cent to 11 per cent for maturities over two years to three years and from 11 per cent to 11.5 per cent for maturities over three years. In case of NRNR deposits, the rates offered have been hiked from 11 per cent to 11.5 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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