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PNB hikes interest rate on loans by 0.4 percent

New Delhi, May 6 (PTI) State-owned Punjab National Bank (PNB) has increased the external benchmark rate based interest rate by 0.40 per cent to 6.90 per cent, including repo.

PNB said in a information given to the stock market on Friday that the repo based interest rate (RLLR) for existing customers has been increased from 6.50 percent to 6.90 percent with effect from June 1, 2022.

The revised RLLR for new customers will be effective from May 7, 2022.

Earlier, ICICI Bank, Bank of Baroda and Bank of India had also increased the repo based interest rate after the Reserve Bank hiked the policy rate.

PNB has also increased interest rates on fixed deposits of various tenors.

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