Punjab National Bank is all set to give a big shock to its account holders. The bank has decided to change the interest rate on savings accounts. Punjab National Bank has decided to reduce interest rates on savings accounts from December 1. According to the information released on the official website of Punjab National Bank, interest rates for savings account holders will be reduced from December 1.
According to Punjab National Bank's official website, interest rates on savings accounts have been reduced from 2.90 per cent to 2.80 per cent. Meanwhile, the bank's decision will affect both new and old customers. According to Punjab National Bank, from December 1, 2021, the interest rate on savings account balances of less than Rs 10 lakh will be 2.80 per cent per annum. Also, the interest rate for Rs 10 lakh and above will be 2.85 per cent per annum.
Meanwhile, Punjab National Bank is the second largest state-owned bank in the country, ahead of State Bank of India. State Bank of India's savings account earns an annual interest of 2.70%. The interest rates on Kotak Mahindra Bank and IndusInd Bank savings accounts are 4-6 per cent per annum.
What are the interest rates in government banks?
IDBI Bank 3 to 3.25 per centCanara Bank - 2.90 to 3.20 per centBank of Baroda - 2.75 to 3.20 per centPunjab and Sindh Bank - 3.10 per cent interest.
Private banks offer 3 to 5 percent interestHGFC Bank - 3 to 3.5 percentICICI Bank - 3 to 3.5 per centKotak Mahindra Bank - 3.5 per centIndusInd Bank - 4 to 5 percent