PNB Slashes Interest Rates On Savings Accounts: Check New Rates

Published: Tuesday, April 5, 2022, 7:49 [IST]

Punjab National Bank (PNB), a public sector lender, has announced a savings account interest rate reduction. Previously, the bank offered an interest rate of 2.75 percent on accounts with less than Rs 10 lakh and 2.80 percent on accounts with more than Rs 10 lakh but less than Rs 500 crore, but after a revision on April 4, 2022, PNB will offer an interest rate of 2.70 percent p.a. on savings account balances of less than Rs 10 lakh and 2.75 percent p.a. on savings account balances of Rs.10 lakh and above.

PNB Slashes Interest Rates On Savings Accounts: Check New Rates

PNB Savings Account Interest Rates

Effective as of April 4, 2022, PNB is offering the below interest rates on savings bank deposits.

Balance slab	Rate Of Interest
Saving Fund Account Balance below Rs.10 Lakh	2.70% p.a.
Saving Fund Account Balance of Rs.10 Lakh & above	2.75% p.a.
Source: Bank Website. (W.E.F. 04th April 2022)

Customers with savings accounts should be aware that two major private sector banks, RBL Bank and IDFC First Bank, have announced new savings account interest rates for the next financial year 2022-23. IDFC First Bank is giving a maximum interest rate of 6% on savings account deposits of Rs 25 lakh to less than or equal to Rs 1 crore starting April 1, 2022. RBL Bank cut its savings account interest rate by 25 basis points to 1% on various savings balances on April 1, 2022. Click on the link below, for more details.