PNB cuts interest rates on savings account: Public sector Punjab National Bank (PNB) has given a big blow to its customers. PNB has once again cut interest rates on savings account.
According to the bank, now the interest rate has been reduced by 0.10 percent (10 basis points) on balance less than Rs 10 lakh and 0.05 percent (5 basis points) on balance amount of Rs 10 lakh and above. The new interest rates of PNB on Savings Account will be applicable from 1st December 2021.
According to the information available on PNB’s website, 2.80 percent annual interest will now be available on the balance amount less than 10 lakh in the savings account of the bank. At the same time, the account holder will get 2.85 percent interest on the balance amount of 10 lakhs and above. These rates will be applicable for both existing and new customers on Domestic and NRI Savings Accounts. The interest rates on savings accounts from banks have come down sharply in recent years.
Home loan, car loan made cheaper
PNB also cut its home loan and car loan interest rates during the festive season. Recently, PNB has announced an initial interest rate of 6.65 percent for car loans and 6.50 percent for home loans.
PNB had announced that on November 4, the bank has cut its benchmark lending rates by 5 basis points to 6.50 percent. This will make all PNB loans like education, home, car or personal loans cheaper.
According to the bank, from November 8, the Repo Linked Lending Rate (RLLR) has been reduced from 6.55 percent to 6.50 percent. Earlier on September 17, the bank had reduced its RLLR from 6.80 per cent to 6.55 per cent.
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