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  1. PNB raises bulk deposit rate by 0.5 per cent

PNB raises bulk deposit rate by 0.5 per cent

Following the footsteps of the country's largest lender SBI, Punjab National Bank (PNB) today raised interest rate on bulk deposit of over Rs 1 crore by 0.5 per cent.

By: | Published: November 30, 2017 5:46 PM
Punjab National Bank, SBI, PNB, RBI Following the footsteps of the country’s largest lender SBI, Punjab National Bank (PNB) today raised interest rate on bulk deposit of over Rs 1 crore by 0.5 per cent. (Image: IE)

Following the footsteps of the country’s largest lender SBI, Punjab National Bank (PNB) today raised interest rate on bulk deposit of over Rs 1 crore by 0.5 per cent.  The rate hike comes days ahead of RBI’s fifth bi-monthly policy on December 6.  Reserve Bank of India (RBI) in its last policy kept interest rate unchanged at 6 per cent.  The bank has increased interest rates on domestic bulk term deposits of Rs 1 crore and above from 4.50 per cent to 5 per cent on deposits of 1 year and above, PNB said in a statement.

The new rates will be effective December 1, it said.  Yesterday, State Bank of India (SBI) announced raising interest rate on bulk deposits by 1 percentage point across select maturities.  SBI hiked interest rates by 1 percentage point across all maturities for deposits above Rs 1 crore, while rates on deposits of less than that amount were kept unchanged. Interest rate on the shortest tenor deposit – 7-45 days was raised to 4.75 per cent from 3.75 per cent and for 5-10 years, it will be 5.25 per cent from 4.25 per cent.

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