Breaking: PNB lowers savings account interest rates

Interest rates on domestic and NRI savings accounts have been reduced by Punjab National Bank (PNB). According to the PNB website, the interest rate for savings accounts with balances less than Rs 10 lakh has been reduced to 2.8 percent per year.

Punjab National Bank has reduced the interest rate on savings accounts with balances over Rs10 lakh to 2.85 percent. The reduced rates will take effect on December 1, 2021, which is today for both Existing and New Customers.

The enhanced domestic and NRI savings account rates would affect both existing and new clients.

Savings account interest rates have been decreased by 10 basis points (bps) for balances less than Rs 10 lakh, and by 5 bps for balances greater than Rs 10 lakh.

Prior to the most recent rate drop, PNB’s savings account offered 2.90 percent interest.