The customers of Punjab National Bank (PNB) have suffered a major setback at the beginning of the new financial year. The bank has decided to reduce the interest rate on the savings account. According to the notification issued by PNB, account holders of less than Rs 10 lakh will now get 2.70 percent interest. At the same time, account holders between Rs 10 lakh and Rs 500 crore will get 2.75 percent interest. The new rates from the bank have come into effect from 4th April i.e. Monday. Let us tell you, this change will be applicable to domestic customers as well as NRI customers.
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The bank had reduced interest rates only two months ago.
Punjab National Bank had earlier cut interest rates on savings account in February this year. Then the bank reduced the interest to 2.75% for account holders with less than Rs 10 lakh. At the same time, the interest on savings account from Rs 10 lakh to Rs 500 crore was reduced to 2.80. Once again the savings account holder has been given a jolt by the bank. This time also the interest rate has been reduced by 0.50.
Let us tell you, after State Bank of India, Punjab National Bank has customers. In such a situation, this decision of the bank will have a direct impact on lakhs of customers.
If you do not have enough money in your account due to which your EMI payment fails, then you will now have to pay a penalty of Rs 250. Earlier this penalty was only Rs 100. This change was also done by the bank in February this year.