The Punjab National Bank (PNB) is reducing 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.
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 having more than RS 10 lakh and less ₹500 crores.
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 percent.
Responding to a question regarding Air India’s dues, Rao said: “Air India’s dues of approximately ₹4,000 crore was recovered. All of Air India’s outstanding amount has been repaid.”
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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