Punjab National Bank (PNB) has increased its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) across tenors, effective August 1, 2022. EMIs for borrowers with MCLR-linked loans will rise as a result of this increase.
The one-year MCLR has been raised from 7.55 percent to 7.65 percent as a result of the modification. The overnight, one-month, and three-month MCLRs have all been raised by 10 basis points, to 7.05 percent, 7.05 percent, and 7.15 percent, respectively. The six months and three- years MCLRs of PNB raised to 7.35 percent and 7.95 percent respectively.
On July 1, 2022, PNB increased its lending rate based on the marginal cost of funds by 15 basis points. The bank’s repo linked lending rate (RLLR) was kept unchanged at 7.40 percent.
RBI monetary policy meet Later this week, the Reserve Bank of India (RBI) will announce its bi-monthly monetary policy statement. In a move to tackle inflation, the central bank is anticipated to increase the repo rate once more.
Other banks Many banks, including ICICI Bank and Bank of India, have revised their marginal cost of funds-based lending rate (MCLR) with effect from August 1, 2022.
Senior citizens FD interest rates up to 8.3%: SBI, HDFC Bank, PNB, ICICI Bank, Axis Bank and more
