PNB has reduced the interest rates to 2.70 per cent per annum for bank accounts with balance less than Rs 10 lakh. At the same time, the interest rate has been reduced to 2.75 percent per annum for account holders between Rs 10 lakh and Rs 500 crore. Let’s know the new rates.
The customers of PNB have suffered a major setback. The bank has once again cut the interest rate on savings accounts. Giving this information, the bank has said that the interest rates have been reduced to 2.70 percent per annum for bank accounts with balance less than Rs 10 lakh. At the same time, the interest rate has been reduced to 2.75 percent per annum for account holders between Rs 10 lakh and Rs 500 crore. These new rates have come into effect from 4 April 2022.
Shock for PNB customers
Giving information about this by issuing a notice on its website, PNB has said that this change will be applicable to both domestic and NRI account holders. After this decision, customers falling within the limit of Rs 10 lakh will be directly affected. Let us tell you that Punjab National Bank is the second largest public sector bank after State Bank of India.
Second time cut in two months
Significantly, within just two months, the bank has made this cut for the second time. Earlier in February 2022, the bank had cut interest rates. In February, the interest rate was 2.75 per cent for accounts with balance up to Rs 10 lakh and 2.80 per cent per annum for savings accounts from Rs 10 lakh to less than Rs 500. That is, a total reduction of 0.5 percent was done in the interest rate on both types of accounts.
