PNB reduces savings account interest rate: Check the latest rates

The Punjab National Bank (PNB) has lowered the interest rate on savings accounts with balances under Rs 10 lakh to 2.70 percent per year. The bank has also lowered the interest rates on savings accounts with balances of more than Rs 10 lakh but less than Rs 500 crore to 2.75 percent. The new rates are effective from April 4, 2022.

In February, PNB decreased the interest rates on savings accounts, providing 2.75 percent on accounts with less than Rs 10 lakh and 2.80 percent on accounts with more than Rs 10 lakh to and below Rs 500 crore.

Domestic & NRI saving account interest rates

Source: Bank website

PNB has also offered fixed deposits maturing in the range of 7 days to 10 years at interest rates ranging from 2.90 percent to 5.25 percent. PNB is offering a 2.9 percent interest rate on 7-45 day fixed deposits, and a 4.4 percent return on FDs less than one year. The bank pays 5.10 percent on deposits with a maturity of more than two years and less than three years. PNB customers will get 5.25 percent interest on deposits with a maturity of five to ten years. These FD rates are effective from August 1, 2021.

PNB last month stated that the Positive Pay System will be required for cheques worth more above Rs 10 lakh starting April 4, 2022.