Punjab National Bank reduces lending rate linked to repo by 40 bps

Punjab National Bank (PNB), the country's second-largest state-owned lender, on Monday said it has reduced its repo-linked lending rate (RLLR) by 40 basis points (bps) to 6.65 per cent from 7.05 per cent.

The bank's marginal cost of funds-based lending rate (MCLR) has also been revised downwards by 15 bps across all tenors.

The lender has cut its saving fund deposit rate by 50 bps with a maximum of 3.25 per cent, effective July 1, a release said.

It has further reduced its term deposit rates in various maturities bucket with a maximum rate of 5.50 per cent for deposits of specified maturities,