MUMBAI: Punjab National Bank (PNB), the nation’s second-largest state-owned lender, on Monday stated it has diminished its repo-linked lending rate (RLLR) by 40 foundation factors (bps) to 6.65 per cent from 7.05 per cent. The financial institution’s marginal price of funds-based lending rate (MCLR) has additionally been revised downwards by 15 bps throughout all tenors.

The lender has reduce its saving fund deposit rate by 50 bps with a most of three.25 per cent, efficient July 1, a launch stated.

It has additional diminished its time period deposit charges in numerous maturities bucket with a most rate of 5.50 per cent for deposits of specified maturities, efficient Monday.

For senior citizen, it’s providing a better curiosity rate of 75 bps over relevant card rate for all maturities on home deposits up to Rs 2 crore.

Last week, Bank of India (BOI) and UCO Bank had reduce their exterior benchmark lending rate (EBLR), which is linked to the repo rate by 40 bps.

While BOI has revised its EBLR to 6.85 per cent, UCO Bank slashed its repo-based lending rate to 6.90 per cent.

The discount in RLLR by lenders follows the Reserve Bank of India’s current transfer to reduce repo rate by 40 bps to Four per cent from 4.40 per cent.