PNB cuts fixed deposit rate by up to 0.3%

State-owned Punjab National Bank today cut interest rates on fixed deposits of various maturities by up to 0.3 per cent.
It has reduced interest rates on domestic term deposits by 0.05-0.3 per cent in select maturities, PNB said in a statement.
The new rates would be effective from October 5, it said.
The rate cut comes a day ahead of fourth bi-monthly monetary policy review to be announced by 6-member Monetary Policy Committee.
Last week, the bank had reduced its marginal cost of funds based lending rates by 0.5 per cent across all maturities.
For overnight tenor it will be 9.05 per cent, for 3-months 9.2 per cent, one year term 9.3 per cent; three years 9.45 per cent and that for five years the MCLR is fixed at 9.6 per cent.