PNB hikes lending rates by 15 bps to 8.30 percent

The scam-hit Punjab National Bank (PNB) today raised its lending rate by 15 basis points to 8.30 per cent with immediate effect

The scam-hit Punjab National Bank (PNB) today raised its lending rate by 15 basis points to 8.30 per cent with immediate effect. The New Delhi-based lender also increased its retail and build deposit rates by up 45 basis points on various maturities.

The move comes in the same day when the industry leader SBI increased the lending rates by 20 bps to 8.15 per cent. The one-year marginal cost of funds based lending rate (MCLR) was earlier at 8.15 per cent. The overnight, one-month, three-month and six-month rates were raised by 15 basis points to 7.80 per cent, 7.95 per cent, 8.10 per cent and 8.25 per cent, respectively, PNB said in a statement.

The lender also increased its retail and bulk term deposits by up to 45 basis points. For retail deposits maturing in one-year to three-year, rate has been increased by 25 basis points to 6.75 per cent from 6.50 per cent. The bulk deposits for one year maturity has been increased to 6.75 per cent from 6.50 per cent.

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