New Delhi: Punjab National Bank (PNB) has revised its fixed deposit rates with effect to September 1, today, lowering its interest rates by 0.50 percentage point on select maturities.

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According to the official website of the public-sector bank, on maturity periods like 7-14 days and 15-29 days, PNB is now offering an interest rate of 4.5 per cent to general public and five per cent to senior citizens on fixed deposits of up to Rs 2 crore, as opposed to the previous rate of five and 5.5 per cent, respectively.

Similarly, for fixed deposits of maturity period of 1-3 years, the state-run lender has lowered the rate by 0.25 percentage point, at 6.5 per cent and seven per cent for the general public and senior citizens, respectively.

Click here for PNB’s full list of revised interest rates

Following the recent policy review of the Reserve Bank of India (RBI), as per Budget 2019, that lowered all lending rates, interest rates have been revised and will be applicable to all banks. Earlier this week, HDFC had announced a revision of its interest rates on fixed deposits for the second time. The State Bank of India has also revised its interest rates in August.

Moreover, the Centre announced the merger of PNB, Oriental Bank of Commerce (OBC) and United Bank, forming the country’s second-largest PSU bank, after SBI, with a business of Rs 17.95 lakh crore.

On Friday, Union Finance Minister Nirmala Sitharaman addressed the media on the economy and announced a slew of measures to strengthen the banking sector.

“Union Bank of India, with Andhra Bank and Corporation Bank, shall become the fifth largest public sector bank now,” said Finance Minister Nirmala Sitharaman. “Indian Bank with Allahabad Bank, they will be the seventh-largest Public Sector Bank with the business of Rs 8.08 lakh crores,” she had said.