Photo: MintNew Delhi: Following in the footsteps of the country’s largest lender, the State Bank of India (SBI), Punjab National Bank (PNB) on Thursday raised the interest rate on bulk deposits of over Rs1 crore by 50 basis points. One basis point is one hundredth of a percentage point. RBI, in its last policy, kept the interest rate unchanged at 6%. On Wednesday, the SBI announced the raising of the interest rate on bulk deposits by one percentage point across select maturities. The interest rate on the shortest tenor deposit—seven to 45 days—was raised to 4.75% from 3.75% and, for five to 10 years, it will be 5.25%, from 4.25%.

Source: Mint November 30, 2017 15:11 UTC