PNB cuts fixed deposit rate by up to 0.50%

State-owned Punjab National Bank on Wednesday reduced interest rate on fixed deposits on select maturities by up to 0.50 percent. Interest rate on domestic term deposits has been reduced between 0.10 percent and 0.50 percent on select maturities with effect from August 10, PNB said in a statement. The bank had last cut rate on fixed deposit in June. The reduction comes a day after RBI kept benchmark rate unchanged in the monetary policy review.RBI kept repo rate (the short-term lending rate) unchanged at 7.25 percent and other policy tools such as cash reserve ratio (CRR) and statutory liquidity ratio (SLR) unchanged at 4 percent and 21.5 percent, respectively.