Punjab National Bank (PNB) has increased its marginal cost of funds based lending rates (MCLR) by up to 5 basis points on Friday, May 31. The increase is different for different tenures.
Punjab National Bank (PNB) on Friday, May 31, has increased its marginal cost of funds based lending rates i.e. MCLR by up to 5 basis points. The increase is different for different periods. The bank has changed the MCLR rates for periods ranging from 3 months to 3 years. The new rates have become effective from June 1, 2024.
Punjab National Bank has kept the rates for some periods as before and has not made any changes in them. For example, there has been no change in the overnight MCLR and it is 8.25 percent like the previous rate. Similarly, the bank has kept the MCLR rate for 1 month period also stable at 8.30 percent and has not made any changes.
However, there has been some increase in the MCLR rates for a period of more than 1 month. The MCLR for a period of 3 months has been revised to 8.50 percent, this rate was 8.45 percent earlier. Similarly, the rate of 6-month MCLR has also been increased from 8.65 percent to 8.70 percent.
