0.5 per cent for all maturities above 180 days. New rates effective from May 1.
New Delhi: The Punjab National Bank has increased interest rates by 0.25 to 0.5 per cent for all maturities, which are more than 180 days old.
The step has been taken to mobilize funds for lending purposes. This is for the second time that PNB has increased deposit rates in the previous two months.
In a statement on Saturday, the bank said it hopes to take care of the reduced interest margin by better management of recovery in the asset portfolio.
The rates have been hiked to take care of the hardening interest rates in government securities market.
The revised rates are also applicable on accounts opened under Capital Gains Scheme. PNB is now offering 0.5 per cent higher rate of interest on domestic term deposits for senior citizens. New rates will be effective from May 1,2006.
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