State-owned Punjab National Bank (PNB) on Friday (May 31) said it will increase its Marginal Cost of Funds Based Lending Rates (MCLR) by 5 basis points for tenures ranging from 3 months to 3 years, effective June 1, 2024.
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Notably, while some rates remain unchanged, others have seen marginal increases. For instance, the overnight MCLR stands at 8.25%, remaining stable from its previous rate. Similarly, the one-month MCLR remains unchanged at 8.30%.
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However, there have been slight increments in MCLR for longer tenures. The three-month MCLR has been revised to 8.50%, up from its previous rate of 8.45%. Likewise, the six-month MCLR now stands at 8.70%, marking a 5 basis points increase from its previous rate of 8.65%.
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Furthermore, borrowers seeking loans with one-year tenure will encounter a revised MCLR of 8.85%, reflecting a 5 basis points hike from its previous rate of 8.80%. Similarly, the MCLR for three-year tenures has been adjusted to 9.15%, up from its previous rate of 9.10%.
Shares of Punjab National Bank ended at ₹129.40, up by ₹2.00, or 1.57% on the BSE.
