Home Interest rate National Bank of Punjab to cut interest rates on savings accounts from December 1, 2021

National Bank of Punjab to cut interest rates on savings accounts from December 1, 2021

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The Punjab National Bank is ready to give a big shock to its account holders. The bank decided to change the interest rate on savings accounts. The Punjab National Bank has decided to reduce interest rates on savings accounts from December 1. According to information published on the official Punjab National Bank website, interest rates for savings account holders will be reduced from December 1.

According to the official Punjab National Bank website, interest rates on savings accounts have been reduced from 2.90 percent to 2.80 percent. Meanwhile, the bank’s decision will affect both new and old customers. According to the Punjab National Bank, from December 1, 2021, the interest rate on savings account balances below Rs 10 lakh will be 2.80% per annum. Also, the interest rate for Rs 10 lakh and above will be 2.85% per annum.

Meanwhile, the Punjab National Bank is the second largest state bank in the country, ahead of the State Bank of India. The State Bank of India Savings Account earns 2.70% annual interest. The interest rates on the Kotak Mahindra Bank and IndusInd Bank savings accounts are 4 to 6 percent per annum.

What are the interest rates in state banks?

IDBI Bank 3 at 3.25 percent
Canara Bank – 2.90 to 3.20 percent
Bank of Baroda – 2.75 to 3.20 percent
Punjab and Sindh Bank – 3.10 percent interest.

Private banks offer 3-5% interest
HGFC Bank – 3 to 3.5 percent
ICICI Bank – 3 to 3.5 percent
Kotak Mahindra Bank – 3.5 percent
IndusInd Bank – 4 to 5 percent

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