The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below Rs 10 lakh to 2.75% per annum. The bank has also reduced the interest rates on savings account for balances above Rs10 lakh to below Rs 500 crore to 2.80%.
The savings fund account having a balance of RS 500 crore and above will now get 3.25% interest. The revised domestic and NRI savings account interest is applicable from 03 February 2022, to both existing and new customers. Saving Fund Account Balance below Rs 10 Lakh -2.75% p.a.
Saving Fund Account Balance of Rs 10 Lakh & above – 2.80% p.a. PNB had earlier lowered the interest rates on saving accounts in December last year 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 ₹500 crore.
Meanwhile, Punjab National Bank (PNB) is likely to increase interest rates by 25 to 30 basis points in February this year, PNB’s Managing Director and Chief Executive Officer SS Mallikarjuna Rao said. Addressing a virtual press conference, Rao pointed out that the interest rates of PNB are among the lowest. PNB’s home loan interest rates range from 6.5 to 7 per cent.
Responding to a question regarding Air India dues, Rao said, “Air India dues of about Rs 4,000 crore have been recovered. All the outstanding from Air India has been paid off.” PNB posted a 123 per cent year-on-year increase in net profit at Rs 1,127 crore in the third quarter of the current financial year largely due to lower provisions.
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The government-owned bank’s total income during the quarter was Rs 22,026 crore as against Rs 23,042 crore recorded during the same quarter of the previous year.
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