This public sector bank cuts interest rates on savings accounts. Check latest rates
_1609311026964_1609311043784_1636513258287.jpg "The revised domestic and NRI savings account interest will be applicable from next month on both existing and new customers. (Shutterstock)")
Premium- The revised domestic and NRI savings account interest will be applicable from next month on both existing and new customers of PNB
The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below ₹10 lakh to a historic low of just 2.80% per annum.
The bank has also reduced the interest rates on savings account for balances above ₹10 lakh to 2.85%. The public sector bank has reduced the savings rate by 10 bps and 5bps on accounts having less than ₹10 lakh and more than ₹10 lakh respectively.
The revised domestic and NRI savings account interest will be applicable from next month on both existing and new customers.
As a banking customer, you can earn a higher interest rate by switching to another bank. Unlike fixed deposits, there is no lock-in for savings accounts.
Meanwhile, state-owned Punjab National Bank announced cutting its benchmark lending rate by 5 basis points to 6.50 per cent.
The Repo Linked Lending Rate (RLLR) has been reduced from 6.55 per cent to 6.50 per cent with effect from November 8.
As part of continued efforts to enhance customer service, PNB also launched a range of deals and offers on its retail loans this festive season.
With reduction in RLLR, all loans including home, car, education and personal loans would become cheaper. The bank had last cut its RLLR on September 17 from 6.80 per cent to 6.55 per cent.
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With effect from November 8, 2021, the bank will provide one of the lowest interest rates on car loans at 6.65 per cent and further reduced home loan rates, which now start from 6.50 per cent, making its banking service more attractive than ever before, PNB said in a separate statement.
To promote the government's efforts towards the adoption of electric/green vehicles, PNB has slashed the interest rate on e-vehicles and CNG vehicles to 6.65 per cent, while it starts from 6.75 per cent for other cars, it said.
To meet the customers' demand during the ongoing festive season, the interest rate on personal loans has been reduced by 5 basis points (bps) to 8.90 per cent.
Additionally, the limit on personal loans has been revised upwardly to ₹20 lakh with a repayment period of 72 months.
Further, it said the bank encourages customers to adopt digital banking channels by giving additional discounts of up to 5 bps on home loan and 10 bps on car loan.
The customers onboarding through various digital channels like internet banking and PNB One Mobile App can avail of this benefit.
The bank also offers a full waiver of service charges/ processing fees on home, vehicle, personal, gold, and property loans.
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