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The revised rates would be applicable from November 9, PNB said in a statement on Thursday.
"The reduction in deposit rates is a part of effective liquidity management in the current surplus scenario," PNB said, adding, "The rates would be revised whenever there is a change in the liquidity scenario in the system."
With the revision in the rates, the maximum rate on retail term deposits would be 7 per cent in the buckets of 3 years and above.
Senior citizens, the bank said, would continue to get and additional interest of 50 basis points.
(PTI) cg
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