Punjab National Bank (PNB), the country’s second-largest state-owned lender, on Monday said it has reduced its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.65 per cent from 7.05 per cent.
The bank’s marginal cost of funds-based lending rate (MCLR) has also been revised downwards by 15 bps across all tenors.
The lender has cut its saving fund deposit rate by 50 bps with a maximum of 3.25 per cent, effective July 1, a release said.
It has further reduced its term deposit rates in various maturities bucket with a maximum rate of 5.50 per cent for deposits of specified maturities, effective Monday.
For senior citizen, it is offering a higher interest rate of 75 bps over applicable card rate for all maturities on domestic deposits up to Rs 2 crore.
While BOI has revised its EBLR to 6.85 per cent, UCO Bank slashed its repo-based lending rate to 6.90 per cent.
The reduction in RLLR by lenders follows the Reserve Bank of India’s recent move to cut repo rate by 40 bps to 4 per cent from 4.40 per cent.