Punjab National Bank (PNB), one of the leading public sector lenders in India, announced that the rate of interest on fixed deposit in between one to five years has been reduced to 8.5% from 8.75%.

The bank also reduced interest rate on fixed deposit by 0.25% on select maturities. The revised rate would be effective from April 23, 2015.

Shares of the bank gained Rs 3.1, or 1.91%, to trade at Rs 165. The total volume of shares traded was 214,797 at the BSE (1.03 p.m., Friday).