Punjab National Bank (PNB) has reduced its benchmark one-year marginal cost of funds-based lending rate (MCLR) by 0.05% to 7.30%.

The new MCLR rates will come into effect from 1 June, the state-run bank said in a regulatory filing.

The six-month and three-month tenor MCLRs were cut by 0.10% each to 7% and 6.80%, respectively.

The overnight, one-month and three-year MCLRs have been kept unchanged.