Punjab National Bank reduces interest rates to a historical low


PNB, or the Punjab National Bank, has revised its domestic and NRI (Non-Resident of India) savings account interest rate, which will be applicable from today for both existing as well as new customers.

Punjab National Bank reduced interest rates on savings account for people with account balance less than ₹10 lakhs to just 2.80 % per annum. It also reduced the interest rate on savings accounts for people with an account balance of more than ₹10 lakhs to 2.85 % per annum. This public sector bank has reduced saving rates by 10 bps and 5 bps for accounts with a balance more than ₹10 lakhs and less than ₹10 lakhs, respectively.

These reduced rates for domestic and NRI saving accounts will be applicable for both existing as well as new customers from today, ie, 1st December 2021. Prior to this rate cut, Punjab National Bank was offering an interest rate of 2.90 % per annum on its savings account.

Furthermore, it is said that the bank will encourage customers to adopt digital banking channels by giving additional discounts of up to 5 bps on home loans and 10 bps on car loans. The customers joining through various digital channels like Internet banking and PNB’s One Mobile App can avail of this benefit

The bank also offers a full waiver of service charges processing fees and other fees on home, vehicle, personal, gold and property loans. This makes loans more feasible to be taken up by people from varying economic strata.

Credit To – Prashansa Parwal

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