PNB MCLR Rate, PNB Base Rate – Jan 2017

PNB MCLR Rate – Current Rate, Past Trend

Last Updated 19th Jan 2017
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PNB MCLR, Base Rate Tenure
8.20% Overnight
8.25% 1 Month
8.35% 3 Month
8.40% 6 Month
8.45% 1 Year
8.60% 2 Year
8.75% 3 Year
Base rate - 9.60%
Current MCLR base rate of PNB ranges from 8.20% to 8.75% depending on the reset frequency of the loan. Rates are revised every month.
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PNB Interest Rates
Home Loan Interest Rates 8.50% * Floating Detail
Loan Against Property Rates 10.90% * Floating Detail
Personal Loan Interest Rates 12.25% * Detail
Fixed Deposit Interest Rates 4.25% to 7.00% * Detail

Past Trend Base Rate of PNB

PNB base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Jan 17
8.20%
8.25%
8.35%
8.40%
8.45%
8.60%
8.75%
-
01st Dec 16
8.90%
8.95%
9.05%
9.10%
9.15%
-
9.30%
9.45%
01st Nov 16
9.00%
9.05%
9.15%
9.20%
9.25%
-
-
-
01st Oct 16
9.05%
9.10%
9.20%
9.25%
9.30%
-
9.45%
9.60%
01st Sep 16
9.10%
9.15%
9.25%
9.30%
9.35%
-
9.50%
9.65%
01st Aug 16
9.10%
9.15%
9.25%
9.30%
9.35%
9.50%
9.65%
-
01st Jul 16
9.15%
9.20%
9.30%
9.35%
9.40%
-
9.55%
9.70%
01st Jun 16
9.15%
9.20%
9.30%
9.35%
9.40%
-
9.55%
9.70%
01st Apr 16
9.15%
9.20%
9.30%
9.35%
9.40%
-
9.55%
-

PNB base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, PNB decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. PNB has different MCLR base rates ranging from 8.20% to 8.75% for different tenures

Changes in MCLR Base rate of PNB

  • MCLR rate can be revised by PNB every month
  • Note that it is not mandatory for PNB to revise its rate every month and it may choose to retain the same rate for a longer period

PNB home loan interest rate and MCLR

  • Every floating rate loan sanctioned by PNB is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from PNB will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of PNB will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.40%. This loan will initially be priced at 9.9%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.15%, the loan will be priced at 9.65% for the next year

Past trend of PNB Base Rate vs RBI Repo Rate

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
01st Oct 15 9.60% decreased by 0.4%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
07th May 15 10.00% decreased by 0.25%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.25% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.75% increased by 0.75%
26th Jul 11: 0.5% repo hike by RBI
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
01st Feb 11 9.50% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 9.00% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00%

PNB Base Rate Vs. RBI Repo Rate Trend

About PNB

  • PNB is a Public Sector Bank in India with 6,559 branches, 8,348 ATM's and 68,290 employees across the country.
  • PNB's registered office is located at 7, Bhikhaiji Cama Place, New Delhi-110607.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 16,556 crs. and Standalone net profit of Rs. 3,062 crs. PNB reported total deposits of Rs. 501,379 crs and total advances of Rs. 380,534 crs.
  • PNB's management is led by its CEO Ms. Usha Ananthasubramanian.
  • Its current Base Rate is 9.60%, which was last revised on 01st Oct 15.
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News - Jan 2017
02nd Jan 17 PNB reduces MCLR by 70 basis points
Punjab National Bank has reduced its overnight and three month marginal cost of lending rates by 70 basis points to 8.20 and 8.25 percent as compared to 8.90 and 8.95 percent earlier. The revised MCLR for six months and one year now stands at 8.40 and 8.45 percent respectively. Similarly, five year MCLR has reduced to 8.75 percent as compared to 9.45 percent earlier. The rates are effective from 1st January, 2017.
09th Dec 16 PNB organizes financial literacy cum Digital Banking camp
Punjab National Bank organised an awareness camp on Digital Banking. The camp was held at the branch of village Kotli Jabowal, Arnia on Indo-Pak border. The focus of the camp was to spread awareness about the benefits of opening a saving account and using digital banking applications.
07th Dec 16 PNB partners with Ola to deploy mobile ATMs
Punjab National Bank has announced partnership with Ola (Cab aggregators) to facilitate cash withdrawal to citizens via mobile ATM machines. The bank will deploy mobile ATM machines in Ola cabs that will initially target the area around Delhi and NCR.
01st Dec 16 Punjab National Bank reduces its MCLR up to 10 bps
Punjab National Bank has reduced its overnight and six months marginal cost of lending rates to 8.90 and 9.10 percent from 9 and 9.20 percent earlier. Minimum MCLR rates for one year and five year tenure are also reduced by 10 basis points to 9.15 and 9.45 percent from 9.25 and 9.50 percent respectively. New rates are effective from 1st December, 2016.
11th Nov 16 PNB to calibrate their 10,000 ATMs by the end of the month to disburse new notes
Punjab National Bank plans to adjust their 10,000 ATM machines to disburse new currency notes of Rs. 500 and Rs. 2,000 by the end of the month. The step is taken after Prime Minister announced the demonetization of Rs. 500 and Rs. 1,000 notes to remove black money from the economy.
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