Punjab National Bank is going to cut interest rate on savings account deposits from next month. The new interest rates will be applicable to both existing and new account holders of the bank.
New Delhi. There is big news for the customers of Punjab National Bank (PNB), the second largest public sector bank in the country. Punjab National Bank is going to change the interest rate of savings accounts from September 1. Actually, Punjab National Bank is going to cut interest rate on savings account deposits from next month. According to the information received from the official website of PNB, the new interest rate of the bank will be 2.90 per cent per annum, which is currently 3 per cent per annum.
Impact on both new and old customers
According to PNB, the new interest rates will be applicable to existing and new account holders of the bank. Let us tell you that Punjab National Bank is the second largest public sector bank in the country. The first is State Bank of India and the interest on SBI savings account is 2.70 percent annually. At the same time, the interest rate on Kotak Mahindra Bank and IndusInd Bank savings account is 4-6% per annum.
Merger of Oriental Bank-United Bank in PNB
It is noteworthy that Oriental Bank of Commerce and United Bank of India have been merged into Punjab National Bank. Only last year these two banks merged with Punjab National Bank. Now both these bank branches are working as branches of PNB.
