Interest rate on domestic term deposits has been reduced between 0.10 per cent and 0.50 per cent on select maturities with effect from August 10, PNB said in a statement.
The bank had last cut rate on fixed deposit in June. The reduction comes a day after RBI kept benchmark rate unchanged in the monetary policy review.
RBI kept repo rate (the short-term lending rate) unchanged at 7.25 per cent and other policy tools such as cash reserve ratio (CRR) and statutory liquidity ratio (SLR) unchanged at 4 per cent and 21.5 per cent, respectively.
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