Bank customers are set to suffer a severe setback from September 1. If your savings account is with Punjab National Bank, you have the necessary information. You will get low interest in your savings account. Punjab National Bank has decided to reduce the interest rates of savings accounts from September 1.
According to a report on Punjab National Bank's official portal https://www.pnbindia.in/Interest-Rates-Deposit.html, the interest rates of savings account will be cut from September 1. PNB reduced interest rates on savings accounts from 3 percent annually to 2. It has been decided to increase to 90 percent. The decision of Punjab National Bank will have an impact on both new and old customers of the bank.
Punjab National Bank is not the only bank to reduce interest rates on the same savings account, before State Bank of India, India's largest bank, had also cut interest rates. The State Bank of India has reduced the interest rates of savings account slashed to 2 per annum. 70 percent. SBI and PNB are the number one and number two largest banks in the country but are far behind the rest of the banks in terms of interest on savings accounts. IDBI, Canara Bank, Kotak Mahindra Bank, Bank of Baroda pay more interest than these. Kotak Mahindra and IndusInd Bank pay interest on savings accounts from 4 to 6 percent annually.
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