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Bank lowers interest rates on savings account

Mumbai: The Punjab National Bank (PNB) has lowered the interest rate on its Domestic & NRI savings account.

PNB  has  reduced the interest rates on savings account for balances above Rs 10 lakh to below Rs 500 crore to 2.80%.  The savings  account having a balance of RS 500 crore and above will now get 3.25% interest. Savings account havening  balance below Rs 10 lakh will get an interest of 2.75%.

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PNB had last reduced  the interest on savings accounts in December and was offering 2.80% on accounts having less than Rs 10 lakh and 2.85% on savings accounts having more than RS 10 lakh to and below Rs 500 crore.

Meanwhile, PNB had reported net profit of  Rs 1,126.78 crore for the third quarter ended December. PNB, country’s second-largest public sector bank had earned a net profit of Rs 506.03 crore in the year-ago period. However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore a year ago.

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