State-run Punjab & Sind Bank has reduced the interest rate by up to 1.25% on domestic term deposits of above Rs 1 crore.
"Keeping in view eased liquidity and sluggish credit oftake Punjab & Sind Bank has reduced the rate of interest on domestic term domestic of above Rs 1 crore to 5 crore ranging from 25 basis points to 125 basis points with effect from April 18, 2011," the bank said in a statement.
The bank has, however, hiked the interest rate for 31-45 days maturities to 7.25%, it said.
The interest rates for deposits up to Rs 1 crore remain unchanged, it added.
