PNB hikes interest rates on fixed deposits by 25 bps

Published: Sunday, November 12, 2006, 21:03 [IST]
 

New Delhi, Nov 11 (UNI) Punjab National Bank has increased interest rates on fixed deposits by 25 to 50 bps in the time slabs of 180 days to less than 2 years.

''The hike has been done with a view to give phillip to economic development in the country,'' PNB Chairman and Managing Director S C Gupta said.

He said the bank was sure of avoiding any asset liability mismatches simultaneously managing its interest spreads. PNB has announced this hike taking care of the hardening of interest rates in government securities market and the credit pick up which have been the key triggers, he added.

The interest rate on domestic term deposit was last increased in the first week of August this year, a bank statement said here today.

UNI SBA PV GC1844

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