PNB hikes interest rates on select term deposits by up to 60 bps

Punjab National Bank (PNB) will increase interest rates on term deposits in selected buckets by up to 60 basis points with effect from today. It has also increased the repo-linked lending rate (RLLR) from 6.5% to 6.9% with effect from June 1 for existing customers. The move comes after several banks raised interest rates following the RBI's repo rate hike.