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The Reserve Bank of India (RBI) has maintained the current interest rate, but those anticipating a reduction in the repo rate (the interest rate at which banks borrow money from the RBI) have reason to be pessimistic.
The rate of interest on the Senior Citizen's savings scheme changes from 7.6 to 8.0% the next year. The interest of the Monthly Income Account Scheme changes from 6.7 to 7.1%, National Savings Certificate from 6.8 to 7.0%.
The PNB website states that the new, higher interest rates will take effect on August 17, 2022.
"Earlier a borrower availing of a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15 percent with the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent," says the lender.
Besides facilities covered by the bank, the savings account will give access to flawless integration with UPI to ease out the process of transfer of funds and bill payments.
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