Punjab National Bank cuts savings deposits rate by 10 basis points to 2.90% from September 1

PNB has reduced savings deposit rates by 10 basis points to 2.90 per cent

Punjab National Bank a State-owned public lender has reduced savings deposit rates by 10 basis points to 2.90 per cent. Earlier the interest rate was 3 per cent per annum on savings account deposits. This compares with a deposit rate of 2.70 per cent offered by the State Bank of India (SBI)  and 2.75 per cent offered by Bank of Baroda (BoB), respectively.

From September 1, the cut in interest rate gets effective and will be applicable on existing as well as new savings fund accounts, the lender said.

“The decision is partly driven by huge liquidity that the bank continues to manage and also correction in rates vis-a-vis peers, especially public sector banks,” said the Bank Officials.

From August 1, on term deposits, 2.90 per cent to 5.25 per cent interest has been offering by the lender, with a period of 7 to 14 days and 5 to ten years. 3.40 per cent to 5.75 per cent Deposit rates range for senior citizens.

All service charges, processing fees, and documentation charges on home loans, vehicle loans, personal loans, pension loans, and gold loans would be waived by the public sector bank as per the bank’s announcement. The offer can be availed both through bank branches and digital channels. The processing fee waiver will be available until December 31, 2021.

Last month, SBI the country’s largest lender had waived a 100 per cent processing fee on home loans as well as car loans.

On home loans, PNB offers an interest rate starting from 6.80 per cent, and on car loans at 7.15 per cent and 8.95 per cent are offered to personal loans by the lender.

“It is confident that this festive season will see an encouraging revival in overall consumer spending, thereby boosting its credit portfolio.” the lender said in a press statement.

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