Home / Finance / News / PNB to lower rates on savings account deposits by 50 bps from July 1

PNB to lower rates on savings account deposits by 50 bps from July 1

Deposits of Rs 50 lakh and above will earn interest of 3.25 per cent as against 3.75 per cent currently

Premium

The rate of interest on savings fund deposit has been reduced with effect from July 1, 2020, Punjab National Bank said in a tweet

BS Web Team PTI New Delhi

2 min read Last Updated : Jun 03 2020 | 11:49 PM IST

Following industry peers, Punjab National Bank (PNB) on Wednesday announced to lower interest rate on savings account deposits by 0.50 percentage point, effective July 1.

For deposits up to Rs 50 lakh, the new interest rate will be 3 per cent, down by 0.50 per cent from 3.50 per cent.

Deposits of Rs 50 lakh and above will earn interest of 3.25 per cent as against 3.75 per cent currently.

The rate of interest on savings fund deposit has been reduced with effect from July 1, 2020, Punjab National Bank said in a tweet.

"Interest shall be paid on a daily product basis at

Topics : PNB Punjab National Bank Interest Rates PNB savings account interest rate State Bank of India SBI ICICI Bank Axis Bank

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in