New Delhi: The public sector Punjab National Bank (PNB) has dealt a major blow to its consumers. PNB has once again cut interest rates on savings accounts. According to the bank, the interest rate on balance below Rs 10 lakh has been reduced by 0.10 per cent (10 basis points) and on the balance amount of Rs 10 lakh and above by 0.05 per cent (5 basis points). The new interest rates of PNB on savings accounts will come into effect from December 1, 2021.

According to information on the PNB's website, the bank's savings account will now receive 2.80 per cent annual interest on a balanced amount of less than 10 lakh. On the other hand, the interest of 2.85 per cent will be given to the account holder on the balance amount of Rs 10 lakh and above. These rates will be applicable to both existing and new customers on domestic and NRI savings accounts. Interest rates on savings accounts on behalf of the bank have declined sharply in recent years. PNB has also reduced the interest rates of their home loans and car loans during the festive season. PNB has recently announced an initial interest rate of 6.65 per cent for car loans and 6.50 per cent for home loans.

PNB had announced that on November 4, the bank cut its benchmark lending rates by 5 basis points to 6.50 per cent. This will make all PNB loans like education, home, car or personal loans cheaper. According to the bank, the repo linked lending rate (RLLR) has been reduced from 6.55 per cent to 6.50 per cent since November 8. Earlier on September 17, PNB reduced its RLLR from 6.80 per cent to 6.55 per cent.

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