Interest rates

savings account interest rate: PNB reduces savings account interest rate: check the latest rates

The Punjab National Bank (PNB) has lowered the interest rate on savings accounts with balances below Rs 10 lakh to 2.70% per annum. The bank has also lowered interest rates on savings accounts with balances above Rs 10 lakh but below Rs 500 crore to 2.75%. The new rates come into effect from April 4, 2022.

In February, PNB cut interest rates on savings accounts, offering 2.75% on accounts under Rs 10 lakh and 2.80% on accounts over Rs 10 lakh at and below of Rs 500 crore.

National and NRI Savings Account Interest Rates

Source: Bank website

PNB also offered fixed deposits maturing between 7 days and 10 years at interest rates ranging from 2.90% to 5.25%. PNB offers an interest rate of 2.9% on fixed deposits of 7 to 45 days and a yield of 4.4% on FDs less than one year old. The bank pays 5.10% on deposits with maturities greater than two years and less than three years. PNB clients will receive 5.25% interest on deposits with terms of five to ten years. These FD rates are effective from August 1, 2021.

PNB said last month that the positive payment system will be required for checks worth more than Rs 10 lakh from April 4, 2022.