Personal Finance

PNB cuts interest rate on savings accounts: Check details


(PNB) has cut interest rates on domestic and NRI savings accounts. For savings account balances below Rs 10 lakh, interest rate has been lowered to 2.8 percent per year, according to the PNB website.

The interest rate on savings accounts with balances over Rs10 lakh has been cut to 2.85 percent by the bank.

The lower rates will be effective from December 1, 2021, i.e., today.

Existing and new clients will be impacted by the revised domestic and NRI savings account rates.

Interest rates of savings accounts with a balance below Rs 10 lakh have been cut by 10 basis points (bps), and for those above Rs 10 lakh it has been reduced by 5 bps.

Prior to the latest rate cut, PNB was offering 2.90 percent interest rate on its savings account.



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