Tuesday, February 7, 2023

Big blow to PNB customers! Bank reduced interest rates on savings accounts, rules will be applicable from September 1

PNB Savings Account: From September 1, bank customers are going to get a big blow. If your savings account is with Punjab National Bank (PNB), then there is important news for you. You will get less interest in your savings account. Punjab National Bank has decided to reduce the savings account interest rates from September 1. Know what the bank said. 

PNB reduced interest rates on savings account

According to the information available on Punjab National Bank official website https://www.pnbindia.in/Interest-Rates-Deposit.html , interest rates on the savings account will be cut from September 1. PNB has decided to reduce the interest rates on savings accounts from 3 percent per annum to 2.90 percent. This decision of PNB will affect both new and old customers of the bank.

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SBI also reduced interest rates

PNB is not the only bank to reduce interest rates on a savings account, before this the country’s largest bank SBI also cut interest rates. SBI has reduced the interest rates of savings account to 2.70 percent annually. SBI and PNB are the number one and number two largest banks in the country but are far behind other banks in terms of paying interest on savings accounts. IDBI, Canara Bank, Kotak Mahindra Bank, Bank of Baroda give more interest than these. Kotak Mahindra and IndusInd Bank give interest ranging from 4 to 6 percent per annum on savings accounts.

Interest Rates on Savings Account in Government Banks

IDBI Bank gives interest ranging from 3 to 3.4% annually to its customers on savings accounts. Canara Bank also gives higher interest from 2.90 percent to 3.20 percent on the savings bank account. Bank of Baroda gives interest ranging from 2.75 percent to 3.20 percent and Punjab and Sind Bank gives 3.10 percent interest on the savings bank account. Let us tell you that the central government has merged many banks with PNB to reduce NPAs and losses. Under this, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank last year. After the merger of the bank, customers have been asked to get a new checkbook and passbook.

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