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The Punjab National Bank (PNB) reduced the interest rate on its savings account for balances below ??10 lakh at 2.80% per annum. The bank also reduced interest rates on savings accounts for balances above Rs10 lakh to 2.85%. The public sector bank reduced the savings rate by 10bp and by 5bp on accounts with less than ??10 lakh and over ??10 lakh respectively.
The interest on the revised national savings accounts and NRIs is applicable from today, December 1, 2021, to existing and new customers.
Interest rate for national savings accounts and NRIs: (WEF December 1, 2021)
Interest rate
Savings fund account balance below ??10 Lakh -2.80% per year
Balance of the savings fund account ??10 Lakh and more – 2.85% pa
PNB FD rate
PNB offers an interest rate of between 2.9% and 5.25% on term deposits with maturities of between 7 days and 10 years. PNB offers an interest rate of 2.9% on term deposits from 7 to 45 days and it increases by 4.4% on DFs within one year. On term deposits with a term of one to two years maximum, PNB gives an interest of 5.10%. On deposits with a maturity greater than 2 years and up to 3 years, the bank gives 5.10% PNB offers 5.25% interest on deposits with a maturity greater than 5 years to 10 years. These rates are applicable from August 1, 2021.
In addition, PNB will invest as a promoter in the Open Network for Digital Commerce by acquiring more than 9% of the capital of the company, which has not yet been incorporated. Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in regulatory filing
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