Just when prices of fuel, CNG and Gold are touching new heights, another bank has announced that they are reducing their Saving Account Interest Rates. According to the official website of Punjab National Bank, the saving account interest rate will be 2.7% per annum. Along with this, the accounts that have a balance over Rs 10 lakh but less than Rs 500 crore will be given an interest rate of 2.75%.
The new interest rates have come into effect from April 4, 2022. This will impact lakhs of PNB customers. After SBI, PNB is the 2nd largest Public Sector Bank of India. Previously, the interest rate for balances below Rs 10 lakh was 2.75% and 2.8% for balances more than Rs 10 lakh to Rs 500 crore. The interest rates went down by 0.5%.
PNB is offering better rates under its Fixed Deposit scheme and Gold Monetization Scheme, here are the rates:
|Time Period||Interest Rates||Interest Rates (Senior Citizen)|
|7-14 days||2.9 per cent||3.4 per cent|
|15-29 days||2.9 per cent||3.4 per cent|
|30-45 days||2.9 per cent||3.4 per cent|
|46-90 days||3.25 per cent||3.75 per cent|
|91-179 days||3.8 per cent||4.3 per cent|
|180- 270 days||4.4 per cent||4.9 per cent|
|271- 1 year||4.4 per cent||4.9 per cent|
|1 year||5 per cent||5.5 per cent|
|1 year – 2 years||5 per cent||5.5 per cent|
|2 years – 3 years||5.1 per cent||5.6 per cent|
|3 years – 5 years||5.25 per cent||5.75 per cent|
|5 years – 10 years||5.25 per cent||5.75 per cent|
Gold Monetization Scheme Rates
|Time Duration (Gold monetisation scheme)||Interest Rates|
|Short term deposits|
|1 year or less||0.5 per cent|
|Between 1 to 2 years||0.6 per cent|
|Between 2 to 3 years||0.75 per cent|
|Medium-term and Long term deposits|
|Medium Term Govt deposit||2.25 per cent|
|Long Term Govt deposit||2.5 per cent|
All the interest rate figures are taken from PNB website.
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