MUMBAI, May 2: State-owned Punjab & Sind Bank (PSB) has reduced its lending rate by 0.25 per cent to 10.50 per cent from 10.75 per cent per annum.
With the reduction in the base rate, all kinds of loans would be
cheaper by at least 0.25 per cent, as release said.
The new rate would be effective from May 1, the bank informed BSE.
The bank had trimmed its fixed deposit rates across various maturities in line with the market trend last week.
Following the Reserve Bank’s decision to cut key interest rates by
0.5 per cent, several banks including IDBI Bank, Punjab National Bank and ICICI Bank have reduced both lending and deposit rates. (UNI)
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