TIRUCHI: Punjab National Bank (PNB) has reduced interest rates by 0.50 per cent on floating rate housing loans and educational loans for existing as well as prospective borrowers. The bank has also reduced the interest rate by 0.50 per cent under fixed rate housing and car loans. The bank’s decision was to ensure credit to the borrowers at a lower rate during the festival season, a press release of the bank issued here said. Further, the PNB has increased interest rates on term deposits in various time slabs with peak rate of 10.50 per cent (11 per cent for senior citizens) with effect from October 15, the release added.