According to PNB executive director KR Chabria, the bank decided to reduceits PLR and PTLR, and revise interest rates on domestic as well asnon-resident term deposits with effect from April 10, in line with thechanges announced by the RBI.

Chabria stated in a bank release that the revised rates for domestic termdeposits were 5 per cent for 15 days to 45 days, 6 per cent for 46 days to90 days, 6.5 per cent for 91 days to 179 days, 7 per cent for 180 days toless than one year, 8 per cent for 1 year to less than 2 years, 8.5 per centfor 2 years to less than 3 years, and 9.5 per cent for 3 years and above.

Term deposits of Rs 15 lakh and above for a period of less than 1 year willattract an additional 0.25 per cent over the above rates, said therelease.

The revised rates of PNB for NRE deposits are 7 per cent for 6 months toless than 1 year, 8.5 per cent for 1 year to less than 2 years, 9 per centfor 2 years to less than 3 years and 10 per cent for 3 years and above.As regards NRNR deposits, the revised rates were 7 per cent for 6 months toless than 1 year, 8.5 per cent for 1 year to less than 2 years, and 10 percent for 2 years to 3 years, said the PNB release. Interest rate on savingfund account had already been reduced to 4 per cent from April 1, as per RBIguidelines, said the release.

The OBC too, announced a 0.5 per cent cut in its PLR to 11.5 per cent from12 per cent on Monday. The new rates will come into effect from April 17, abank statement said here on Monday.

The bank also reduced the rates on deposits on various maturities by 0.5 percent. While the 15 to 45 days deposit rate has been reduced to 4.5 per centfrom 5 per cent, the rate for 46-90 day deposits has been reduced to 5.5 percent from 6 per cent.The interest rates on 1 to 2 year deposits have beenreduced to 8.5 per cent from 9 per cent and for 2 years and above, the ratewas reduced to 9.5 per cent (10 per cent).

The bank will also pay 0.25 per cent additional/differential rate ondomestic term deposits of Rs 15 lakh to Rs 1 crore held for a period of 46days to less than 1 year. The reduced deposit rates will also come intoeffect from fresh deposits or renewal of existing deposits from April 17,the statement added.

Two other state-run banks are to cut their prime lending rates (PLRs) inthe coming weeks. Union Bank of India (UBI) and Central Bank of India (CBI)will effect a cut in their PLRs from April 10 . The moves follow a cut inthe bank rate and the CRR by the Reserve Bank of India. While UBI will cutits PLRs by 50 basis points to 11.5 per cent from 12 per cent, CBI willalso bring its PLR by 50 basis points to 12 per cent from 12.5 per cent.

CBI has reduced its prime term lending rate (PTLR) by 50 basis points to11.5 per cent from 12 per cent. "The PTLR shall be applicable only to loanssanctioned after April 1, 1999 to the specified categories of borrowersfalling under priority sector and repayable in a period of over threeyears", a CBI release issued here said. UBI and OBC have also cut theirinterest rates on its domestic deposits, non-resident non-repatriable (NRNR)and non-resident external (NRE) term deposits by one per cent. While UBI hasdone so by 100 basis points, OBC has cut its rates by 50 basis points.

The revised interest rates on domestic term deposits of UBI and OBC are atpar in the range of 4.5 per cent (for 15 days to 29 days) to 9.5 per cent(for three years and above). The revised rates on NRE term deposits and NRNRdeposits of UBI and OBC too are in the same range of seven per cent to 9.5per cent and 10 per cent to 10.5 per cent respectively.