PSB hikes MCLR by 0.05% on six-month tenor

Punjab & Sind Bank (PSB) has hiked its marginal cost of funds based lending rate (MCLR) by 0.05 per cent for six-month tenor and lowered interest on three-year tenor by 0.05 per cent. "Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors," PSB said in a regulatory filing.

The bank said these rates are effective from March 16, 2019. Punjab & Sind Bank (PSB) has hiked MCLR on six-month duration loan to 8.70 per cent. It has also lowered interest on three-year tenors by 0.05 per cent to 8.85 per cent.

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Interest on overnight, one-month, three months and one-year tenors remain unchanged at 8.30, 8.40 per cent, 8.55 per cent and 8.85 per cent, respectively.