With a view to adjust its interest rates in line with prevailing market rates, India's major state-run lender, Punjab National Bank has revised the rate of interest on single domestic term deposit of less than Rs 1 crore.
Accordingly, with effect from March 01, 2013, the rate has been aligned from 7.50 per cent to 8.75 per cent for maturity period of 180 days to less than one year, said the bank in a filing to the Bombay Stock Exchange.
In addition, the bank has reduced additional rate of interest to 25 bps, as against the existing rate of 50 bps for the senior citizens, the filing added.
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