PNB Increases Loan Interest Rates and Decreases Fixed Deposit Interest Rates
Summary:
The Punjab National Bank (PNB) has given a major shock to its millions of customers by increasing loan interest rates and decreasing fixed deposit interest rates. PNB has increased the Marginal Cost of Lending Rates (MCLR) by 10 basis points for all tenures. The new loan interest rates have come into effect from 1 June 2023.
Loan Interest Rates Increased:
PNB has increased the Marginal Cost of Lending Rates (MCLR) by 10 basis points for all tenures. This means that the interest rate on loans has increased. The new loan interest rates have come into effect from 1 June 2023. This move will impact all existing and new customers of PNB.
Fixed Deposit Interest Rates Decreased:
Along with the increase in loan interest rates, PNB has also decreased the fixed deposit interest rates. The bank has reduced the interest rates on fixed deposits for all tenures. This move will impact all existing and new customers of PNB who have invested in fixed deposits.
Impact on Customers:
The increase in loan interest rates and decrease in fixed deposit interest rates will impact PNB’s millions of customers. Those who have taken loans from the bank will have to pay higher interest rates, which will lead to an increase in their monthly EMI. On the other hand, those who have invested in fixed deposits will earn lower interest rates, which will impact their savings.
Conclusion:
PNB’s decision to increase loan interest rates and decrease fixed deposit interest rates is not good news for its customers. The move will impact their finances and savings. Customers should re-evaluate their financial plans and make necessary adjustments to cope with the changes.
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