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Punjab National Bank reduces Interest Rates on Savings Account

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If you have a savings account with Punjab National Bank (PNB), then this news is for you. The bank has changed the interest on savings accounts.

Now you will get less interest on the deposited amount. In a shock to the customers, the bank has reduced the interest rate on savings account of less than Rs 10 lakh to just 2.80 per cent per annum.

The interest rate on savings account deposits will be reduced from the next month i.e. from 1st December 2021. Till now the interest rates were 2.90 per cent per annum.

This change was made by the bank

According to Punjab National Bank, from December 1, 2021, the interest rate will be 2.80 percent per annum for the amount less than Rs 10 lakh in the savings account.

Along with this, the interest rate for Rs 10 lakh and above has been fixed at 2.85 per cent per annum.

It is worth noting that earlier State Bank of India (SBI) has also reduced interest rates on savings accounts.

SBI gives 2.70 per cent annual interest on savings accounts up to Rs 1 lakh. This decision of the bank will affect both new and old customers as well as NRI customers.

Relief for home, education or car loan borrowers

While on one hand Punjab National Bank has shocked its customers by reducing the interest rates on savings account, on the other hand there is good news for home loan, car loan, education loan and personal loan borrowers from this bank.

The bank has announced to reduce its benchmark lending rate by 5 basis points to 6.50 per cent. Repo linked lending rate (RLLR) has been reduced from 6.55 per cent to 6.50 per cent with effect from November 8.

This reduction will make all loans, including home loans, car loans, education loans and personal loans, cheaper.


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