In another setback to the customers of Punjab National Bank, the bank has cut the interest rate on their savings accounts. Giving information, the public sector bank has said that the interest rates have been reduced to 2.70 per cent per annum for bank accounts with balance less than Rs 10 lakh. The interest rate has been reduced to 2.75 per cent per annum for accounts with balance between Rs 10 lakh and Rs 500 crore. The reduced rates have been made effective from 4th April 2022.
PNB has said in a notice on its website that this will be applicable to both domestic and NRI account holders. Explain that lakhs of customers will be affected by this move of the bank, who fall within the limit of Rs 10 lakh. Because Punjab National Bank is the second largest public sector bank after State Bank of India.
interest rate cut for the second time in two months
The bank had earlier also cut the interest rate in February 2022 and now this is the second time that the bank is cutting the interest rate. In February, 2.75 per cent interest rate was levied for accounts with balances up to Rs 10 lakh. At the same time, interest at the rate of 2.80 per cent per annum was being provided for savings accounts from Rs 10 lakh to less than Rs 500. That is, 0.5 percent interest rate was cut on both these types of accounts.
This rule was also applied
The bank also announced in February that failure to pay EMI or any other installment due to lack of sufficient balance in the account of the account holder will attract a penalty of Rs 250, which was Rs 100 earlier.
Minimum balance Rs 10,000
The bank has already increased the Quarterly Average Balance (QAB) limit for metro city areas by Rs 5,000 earlier this year. That is, now the account holders here have to pay the quarterly average balance of Rs 10000. PNB has increased its locker charges in all areas including rural, semi-urban, urban and metro cities, while the free travel limit in bank lockers has also been reduced.