PNB lowers rates on savings account deposits by 50 bps

PNBPunjab National Bank (PNB) on Wednesday announced that it shall be lowering the interest rate on savings account deposits by 0.50 percentage points, effective July 1.

For deposits up to Rs.50 lakh, the new interest rate will be 3 percent, down by 0.50 percent from  the previous 3.50 percent. Deposits of Rs.50 lakh and above will earn an interest of 3.25 percent as against 3.75 percent currently.

The rate of interest on savings fund deposit has been reduced with effect from July 1, 2020, Punjab National Bank (PNB) said.

“Interest shall be paid on a daily product basis at the rate of 3 percent per annum in accounts where the end-of-day balance is up to Rs.50 lakh and at the rate of 3.25 percent per annum in accounts where the end-of-day balance is above Rs.50 lakh. Interest shall be credited at the end of each quarter i.e. February, May, August and November,” PNB said
The trimming of interest rate on deposits follows industry peers such as the country’s largest lender SBI, along with the Axis Bank and ICICI Bank

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