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Punjab and Sind Bank MCLR Rates, Punjab and Sind Bank Base Rate – Jul 2021

Punjab and Sind Bank MCLR Rate

Last Updated 20th May 2021

Current MCLR rate of Punjab and Sind Bank ranges from 7.00% to 7.60% varying by reset frequency of the loan. Punjab and Sind Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR Punjab and Sind Rate Today
Overnight 7.00%
1 Month 7.15%
3 Month 7.25%
6 Month 7.45%
1 Year 7.60%
Punjab and Sind Base Rate 9.70%
Apply for Home Loan @ 6.65% *

Punjab and Sind Bank Interest Rates

Punjab and Sind Bank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 8.05% * Floating Detail
Loan Against Property Rates 9.35% * Floating Detail
Fixed Deposit Interest Rates 3.00% to 5.30% Detail
RD Interest Rates 4.45% to 5.25% Detail

MCLR of Punjab and Sind Bank

Punjab and Sind Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of Punjab and Sind Bank as announced on 16 Apr 2021 are:

  • Overnight MCLR Rate is 7.00%.
  • 1 Month MCLR Rate is 7.15%.
  • 3 Month MCLR Rate is 7.25%.
  • 6 Month MCLR Rate is 7.45%.
  • 1 Year MCLR Rate is 7.60%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Punjab and Sind Bank MCLR Rate Trend

Date Punjab and Sind Bank MCLR
16th Apr 21 Overnight : 7.00%
1 Month : 7.15%
3 Month : 7.25%
6 Month : 7.45%
1 Year : 7.60%
16th Feb 21 Overnight : 7.15%
1 Month : 7.30%
3 Month : 7.45%
6 Month : 7.55%
1 Year : 7.65%
16th Jan 21 Overnight : 7.15%
1 Month : 7.30%
3 Month : 7.45%
6 Month : 7.55%
1 Year : 7.65%
16th Dec 20 Overnight : 7.15%
1 Month : 7.30%
3 Month : 7.45%
6 Month : 7.55%
1 Year : 7.65%
16th Sep 20 Overnight : 7.10%
1 Month : 7.40%
3 Month : 7.55%
6 Month : 7.65%
1 Year : 7.75%
16th Aug 20 Overnight : 7.10%
1 Month : 7.40%
3 Month : 7.55%
6 Month : 7.65%
1 Year : 7.75%
  • Effective 1st April 2016, Punjab and Sind Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Punjab and Sind Bank MCLR rates for different tenors range from 7.00% to 7.60%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Punjab and Sind Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Punjab and Sind Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, Punjab and Sind may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Punjab and Sind Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Punjab and Sind Bank.
  • MCLR rate can be revised by Punjab and Sind Bank every month. However, it is not mandatory for Punjab and Sind Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Punjab and Sind Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Punjab and Sind Bank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure 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.

Compare Punjab and Sind Bank MCLR Rates with Other Banks

About Punjab and Sind Bank

  • Punjab and Sind Bank's registered office is located at Bank House, 21 Rajendra Place, 1st Floor New Delhi, Delhi-110008 .
  • Punjab and Sind Bank's management is led by its CEO Mr. S Krishnan.
  • Its current Base Rate is 9.70%, which was last revised on 16th Mar 20.

FAQs

What is the MCLR of Punjab and Sind Bank?

Punjab and Sind Bank MCLR ranges between 7.00% to 7.60% for a tenure ranging between 1 month to 5 years.

What is the current Punjab and Sind Bank MCLR rate?

Current Punjab and Sind Bank, overnight tenure is 7.00%, 1 month mclr is 7.15% , three month mclr is 7.25%, six month mclr is 7.45%, one year tenure is 7.60% and two year tenure is 0.00%.

What is Punjab and Sind Bank base rate?

Currently, Punjab and Sind Bank offers loans at a base rate of 9.70%.


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Punjab and Sind News - Jul 2021
  • 2021-05-20 : Punjab and Sind Bank revised its Marginal cost of lending rates
    Punjab and Sind Bank revised its MCLR. The overnight MCLR is 7.10%. The one-month and three months MCLR stand at 7.15% and 7.25%, respectively. Further, the six months and one-year MCLR is 7.40% and 7.60%, respectively. The revised rates are effective 16 May 2021. The revised rates will impact MCLR based home loans.
  • 2021-01-22 : Revised MCLR for Punjab and Sind Bank
    Punjab and Sind Bank revised its MCLR. The overnight MCLR is 7.15%. The one-month and three months MCLR stands at 7.30% and 7.45%, respectively. Further, the six months and one-year MCLR is 7.55% and 7.65%, respectively. The revised rates are effective 16 January 2021.
  • 2020-08-19 : Punjab and Sind Bank changed its MCLR
    With effect from 16 August 2020, Punjab and Sind Bank revised its MCLR. The overnight MCLR is 7.10%. The one-month and three months MCLR stand at 7.40% and 7.55%, respectively. Further, the six months and one-year MCLR is 7.65% and 7.75%, respectively.
  • 2020-05-18 : Punjab and Sind Bank revised its MCLR
    With effect from 16 May 2020, Punjab and Sind Bank changed its MCLR. The overnight MCLR is 7.55%. The one-month and three months MCLR stand at 7.85% and 8%, respectively. Further, the six months and one-year MCLR is 8.10% and 8.15%, respectively.
  • 2020-03-17 : Punjab and Sind Bank revised its MCLR
    With effect from 16 March 2020, Punjab and Sind Bank changed its lending rates. The overnight MCLR is 8%. The one-month and three months MCLR stand at 8.10% and 8.15%, respectively. Further, the six months and one-year MCLR is 8.25% and 8.35%, respectively.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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