PNB Savings Account: After SBI, now PNB has also cut the interest rates of savings account. The interest rates of PNB have now come down to 3 percent.
New Delhi: PNB Savings Account: If your savings account is with Punjab National Bank (PNB), then you are going to be shocked, because now you will get less interest on your savings account. Punjab National Bank has decided to reduce the interest rates of savings account from 1st September.
PNB reduced interest rates on savings account
According to the information available on Punjab National Bank official website https://www.pnbindia.in/Interest-Rates-Deposit.html , interest rates on savings account will be cut from September 1. PNB has decided to reduce the interest rates on savings accounts from 3 per cent per annum to 2.90 per cent. This decision of PNB will affect both new and old customers of the bank.
SBI also reduced interest rates
PNB is not the only bank to reduce interest rates on savings account, before this the country’s largest bank SBI also cut interest rates. SBI has reduced the interest rates of savings account to 2.70 percent annually. SBI and PNB are the number one and number two largest banks in the country, but are far behind other banks in terms of paying interest on savings accounts. IDBI, Canara Bank, Kotak Mahindra Bank, Bank of Baroda give more interest than these. Kotak Mahindra and IndusInd Bank give interest ranging from 4 to 6 percent per annum on savings accounts.
Interest Rates on Savings Account in Government Banks
IDBI Bank gives interest ranging from 3 to 3.4% annually to its customers on savings accounts. Canara Bank also gives higher interest from 2.90 percent to 3.20 percent on savings bank account. Bank of Baroda gives interest ranging from 2.75 percent to 3.20 percent and Punjab and Sind Bank gives 3.10 percent interest on savings bank account. Let us tell you that the central government has merged many banks with PNB to reduce NPAs and losses. Under this, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank last year. After the merger of the bank, customers have been asked to get a new check book and passbook.
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