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The Punjab National Bank has slashed the interest rate on fixed deposits by 0.25 percent on select maturities.
PNB said that the reduction will be effective from June 8.
The Reserve Bank of India has cut the repo rate (short-term lending rate) as a part of its second bi-monthly monetary policy review from 7.5 percent to 7.25 and has kept the other policy tools like cash reserve ratio unchanged at 4 percent and statutory liquidity ratio (SLR) at 21.5 percent.
Moreover; following the policy action, several banks including SBI have reduced its base rate or minimum lending rate to 9.70 percent from 9.85 percent with effect from June 8.
