PNB Cuts Fixed Deposit Rates By 0.25 Percent

03 June, Mumbai

Public Sector lender, Punjab National Bank (PNB) Wednesday slashed the interest rate on fixed deposits by 0.25 per cent on select maturities, a move which could be seen as precursor to a cut in lending rate.

The reduction will be effective from June 8, PNB said in a statement.

The decision to cut interest rate on fixed deposits comes a day after the Reserve Bank of India reduced the key policy rate.