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Customer Respite- PNB and Bank of Baroda Slashed Interest Rates

Anurag Bhullar


Giving more respite to the loan borrowers, Punjab National Bank and Bank of Baroda-two major public sector banks, today announced a reduction in their prime lending rate (PLR) by 50 and 75 basis points, respectively. The new rates will take effect from January 1, next year.


PNB also slashed its peak deposit rate to 8.5 percent by reducing 100 basis points, on deposits of one year to less than three years. Earlier this month, the bank reduced its peak deposit rates by 100 basis points from 10.5 percent to 9.5 percent.


The prime lending rate of PNB would now stand at 12 percent. Bank of Baroda on the other hand according to its filing to Bombay Stock Exchange (BSE), reduced it PLR by 75 percent, from existing 13.25 percent to 12.5 percent.
 
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