PNB, Centurion Bank hike interest rates
Punjab National Bank has increased interest rates by 25 basis points on various maturities on domestic term deposits up to five years. For 5 years and above, the rate has been hiked by 50 basis points from 5.50% to 6.00%. Centurion Bank has increased interest rates by 25 to 75 basis points on various maturities. The deposit rates now stand between 4% and 6.5% for different maturities and the PLR at 11.5% per annum.
Meanwhile, Citibank India is to increase interest rates on certain loan products, including home loans, due to rise in cost of funds and new risk weight norms, the Citigroup India chief said today.