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PNB raises bulk deposit rate by 0.5%

November 30
19:22 2017

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

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 percent.

The bank has increased interest rates on domestic bulk term deposits of Rs 1 crore and above from 4.50 percent to 5 percent 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 the 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.

The interest rate on the shortest tenor deposit – 7-45 days was raised to 4.75 percent from 3.75 percent and for 5-10 years, it will be 5.25 percent from 4.25 percent.

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