PNB cuts interest rates on savings account

The country’s second largest bank Punjab National Bank (PNB) has decided to cut the interest rates on the savings account. The bank has decided to reduce the savings account interest rates from 2.80 to 2.75% per annum. The new rates have come into effect from February 3.

With effect from February 3, 2022, the annual interest rate for savings account balance less than Rs 10 lakh in savings account has become 2.75%. At the same time, for Rs 10 lakh and above, the annual interest rate became 2.80%. Earlier, 2.85% annual interest was being given on the deposit. Earlier on December 1, the bank had cut the interest rate on savings account.

More penalty on money shortfall in account

Earlier, the bank had changed some rules from February 1. Actually, now if the installment or investment fails due to shortage of money in your account, then you will have to pay a penalty of Rs 250. Till now this penalty was Rs 100.