According to a recent press report Punjab National Bank, has raised its interest rates by 50 basis points, following the policy rates hike announced by the RBI.
K R Kamath Chairman and MD of the bank told the press that the board of directors has decided to increase interest base rate and BPLR by 50 basis points. He added saying that the bank has decided to review deposit rates based on the credit growth picks up in future.
Report as per the bank release, “Punjab National Bank has made revision in interest rates on FCNR (B) and NRE fixed deposits. Upward revision has been made in interest rates for Foreign Currency Non – Resident FCNR(B) deposits in AUD for all maturities, Euro (maturities of 1 yr to less than 3 yrs ) and for CAD (maturity of 1 yr to less than 2 yrs ) . The increase has come into effect from 1st May, 2011.”
The bank said that the base rate or the minimum lending rate will be 10 per cent and the BPLR will be 13.50 per cent and both new and existing home loan, car loan and other loans will become costlier by at least 50 basis points.