PNB Slashes Interest Rates On Saving Accounts: Check New Rates Here

Punjab National Bank (PNB), a public sector lender, has lowered interest rates on domestic and NRI savings accounts. Previously, the bank offered a 2.80 percent interest rate on savings fund account balances of less than Rs. 10 lakh, and a 2.85 percent interest rate on savings fund account balances of Rs.10 lakh and up to less than Rs.500 crore, with effect from January 1, 2022. However, as of February 3, 2022, the bank has revised its interest rates on the above-mentioned balance slabs by 5 basis points.

Following the most recent revision, the bank is now offering an interest rate of 2.75 percent per annum on savings fund account balances of less than Rs. 10 lakh, 2.80 percent per annum on savings fund account balances of Rs.10 lakh and above to below Rs.500 crore, and 3.25 percent per annum on savings fund account balances of Rs.500 crore and above. The revised rates are applicable on Domestic & NRI Saving Accounts.

Punjab National Bank Saving Account Interest Rates

Effective from 3rd February 2022, the bank is offering the following interest rates on Domestic & NRI Saving Accounts.

Balance slabs	Rate Of Interest
Saving Fund Account Balance below Rs. 10 Lakh	2.75% p.a.
Saving Fund Account Balance of Rs.10 Lakh & above to below Rs.500 Crore	2.80% p.a.
Saving Fund Account Balance of Rs.500 Crore & above	3.25% p.a.
Source: Bank Website

Note

In February 2022, the two private-sector lenders HDFC Bank and RBL Bank also changed their interest rates on savings accounts. HDFC bank's interest rates on domestic, NRO, and NRE savings accounts were changed on February 2, 2022, and RBL Bank's interest rates on savings deposits, as well as fixed and recurring deposits, were revised on February 3, 2022. On February 1, 2022, the public sector lender Punjab & Sind Bank also revised its interest rates on savings bank deposits. Please click on the links provided below for more information.

• RBL Bank Revises Interest Rates On Fixed, Recurring & Saving Bank Deposits
• HDFC Bank Revises Savings Account Interest Rates W.e.f. 2nd February 2022
• Punjab & Sind Bank Revises Interest Rates On Saving Bank Deposits