Punjab National Bank (PNB) announced on Friday that it has increased its external benchmark linked lending rate by 0.40 percent to 6.90 percent, which will be effective from June 1, 2022. Since the Reserve Bank of India raised the repo rate on Wednesday, several banks including ICICI Bank, Bank of Baroda, and Bank of India have hiked interest rates.
PNB has changed the Repo Linked Lending Rate (RLLR) from 6.50 percent to 6.90 percent, for existing customers. For new customers, the revised RLLR will be effective from May 7, 2022, PNB said in a regulatory filing.
The bank has also raised the savings deposit rates for various tenors. The bank has increased the interest rates up to 5.10-5.15 for term deposits of less than Rs 2 crore.
Customers will get interest rates in the range of 3.50 – 4.05 percent per annum for single term deposits of Rs 2 crore and up to Rs 10 crore. The bank has said that all other interest rates shall remain unchanged. The change in rates will also be applicable to NRE / NRO term deposits (Callable only) scheme.
PNB said, “The revised interest rates will be applicable to fresh deposits and renewal of existing deposits with effect from 07.05.2022”.
