PNB raises base rate by 50 bps, deposit rates by 25-50 bps

By IANS,

Mumbai : Punjab National Bank will raise base rate, the minimum rate of interest on loans, by 50 basis points to 8.50 percent and interest rates on term deposits by 25 to 50 basis points on selected maturity periods from Friday.

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“Bank has decided to raise its base rate 8 percent to 8.5 percent per annum with effect from Oct 1,” the state-owned bank said in a statement to the Bombay Stock Exchange.

The bank has increased deposit rates by 25-50 basis points. Now the maximum rates offered by PNB is 8 percent per annum on maturity period of 8 to 10 years.

However, the bank has decided to keep its benchmark prime lending rate unchanged at 11.75 percent.