PNB has reduced interest rate by 10 basis points for account balance less than Rs 10 lakh and 5 bps for balance of Rs 10 lakh and above.
New Delhi: In what could dampen the spirit of account holders of small savings account, Punjab National Bank (PNB) has slashed interest rates on savings deposits.
PNB has reduced interest rate on savings account deposits by 10 basis points (bps) for account balance less than Rs 10 lakh and by 5 basis points (bps) for account balance of Rs 10 lakh and above to 2.80% p.a and 2.85% p.a respectively. The new interest rates will be effective from December 1, 2021.
| Rate Of Interest | ||
|---|---|---|
| Saving Fund Account Balance below Rs. 10 Lakh | 2.80% p.a. | |
| Saving Fund Account Balance of Rs. 10 Lakh & above | 2.85% p.a. |
It may be recalled that Punjab National Bank revised interest rates on fixed deposits couple of months ago. The revised interest rates will be applicable to fresh Deposits and renewal of existing deposits with effect from August 1, 2021.
The public sector bank had said that senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than Rs 2 Crore.
In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps except in case of PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps, PNB had added.
