Punjab National Bank (PNB), one of the leading public sector lenders in India, has slashed interest rates for bulk deposits over one month but raised it for deposits under one month.

The bank raised interest rate on term deposits with maturity between seven and fourteen days, to 6% from 4% earlier. Similarly on term deposits with maturity between 15 days and 29 days, the bank raised interest rate to 6% from 4.5% earlier.

PNB also cut interest rates on deposits with maturity of between 30 days and 45 days to 6.25% from 6.5% earlier. For deposits between 46-90 days, the rate was cut to 7% from 7.25% and for deposits with maturity between 271 days and less than one year, the interest rate was brought down to 8.5% from 8.75% earlier.

The new rates will be effective from Oct. 10, 2014.

Shares of the bank declined Rs 5.65, or 0.63%, to trade at Rs 898. The total volume of shares traded was 61,403 at the BSE (2.09 p.m., Friday).