Punjab National Bank (PNB) has decided to realign the interest rates on retail term deposits by reducing interest rates by 50 basis points (bps) to 100 bps in the time slabs from ‘91 to 179 days’ to ‘2 years to less than 3 years’.
The bank has further stated that no change in the interest rates on other time slabs with peak rate of 8% being offered for deposits of ‘3 years to less than 5 years’ has been impacted.
All revised rates will be applicable with effect from April 1, 2009.