The Punjab National Bank (PNB) is cutting interest rates on savings accounts. Detail here

The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below 10 lakh at 2.75% per annum. The bank has also cut interest rates on savings account for balances above Rs10 lakh below 500 crore at 2.80%. Savings fund account with a balance of RS 500 crore and above will now receive 3.25% interest.

The revised National and NRI Savings Account interest is applicable from February 3, 2022, to existing and new customers.

Interest rate

Savings fund account balance below 10 Lakh -2.75% per year

Savings fund account balance of 10 Lakh and above – 2.80% per annum

PNB had previously lowered interest rates on savings accounts in December last year and was offering 2.80% on accounts with less than 10 lakh and 2.85% on savings accounts with more than RS 10 lakh and less 500 crore.

Meanwhile, the Punjab National Bank (PNB) is expected to raise interest rates by 25 to 30 basis points in February this year, PNB Managing Director and CEO SS Mallikarjuna Rao said.

Speaking to a virtual press conference, Rao pointed out that PNB interest rates are among the lowest. Interest rates on PNB home loans range from 6.5% to 7%.

Responding to a question regarding Air India’s dues, Rao said, “Air India’s dues of approximately 4,000 crore was recovered. All outstanding Air India has been paid.”

PNB posted a 123 percent year-over-year increase in net profit to 1,127 crores in the third quarter of the current fiscal year, mainly due to lower provisions.

The total income of the public bank during the quarter was 22,026 crore against 23,042 crores recorded in the same quarter of the previous year.

However, on a quarterly basis, the bank’s revenue increased by 3.76%.

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