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The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below 10 lakh to 2.80% per annum. The bank has also reduced the interest rates on savings account for balances above Rs10 lakh to 2.85%. The public sector bank has reduced the savings rate by 10 bps and 5bps on accounts having less than 10 lakh and more than 10 lakh respectively.

The revised domestic and NRI savings account interest is applicable from today, 1 December 2021, to both existing and new customers.

Domestic & NRI Saving Account Interest Rates : (W.E.F. 1st December 2021)

Rate Of Interest

Saving Fund Account Balance below 10 Lakh -2.80% p.a.

Saving Fund Account Balance of 10 Lakh & above - 2.85% p.a.

PNB FD rates

PNB is offering an interest rate ranging between 2.9% and 5.25% on fixed deposits maturing in the range of 7 days to 10 years. PNB is offering an interest rate of 2.9% on 7-45 day fixed deposits and it goes up 4.4% on less than 1 year FDs. On term deposits maturing in one year to up to 2 years, PNB gives 5.10% interest. On deposits maturing above 2 years and up to 3 years, the bank gives5.10%PNB is offering 5.25 % interest on deposits maturing above 5 years to 10 years. These rates are with effect from 1 August 2021.

In other news, PNB will invest as a promoter in Open Network for Digital Commerce by picking up over a 9 per cent stake in the company, which is yet to be incorporated. Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in a regulatory filing

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