Punjab & Sind Bank (PSB) today announced a reduction in interest rate on domestic term deposits with effect from December 1.
Senior PSB executives said the bank would try to stay away from any reduction in prime lending rate till March, 2002 though the situation will be reviewed next month.
In a statement issued today, the bank said that deposits of less than Rs 15 lakh, would get an interest of 5 per cent a year if the tenure is between 15-30 days and 8.25 per cent for deposits with a tenure of over 3 years.
In case of deposits of Rs 15 lakh to less than Rs 1 crore, the bank said the interest rate between 15-30 days has been fixed at 5.5 per cent, deposits of over 3 years would carry an interest rate of 8.25 per cent. Deposits between 7 and 14 days would carry an interest rate of 4.5 per cent.
