Punjab National Bank Cuts Interest Rates on Savings Account Deposits

Public sector lender Punjab National Bank (PNB) has recently revised its interest rates on domestic and NRI Saving Accounts, which came into force on September 1, 2021. PNB has reduced the interest rate by ten basis points (bps). This means the applicable interest rate now stands at 2.90% annually, which applies to both existing and new savings account holders.   

For deposits below Rs 100 crore, the revised interest rate is 2.9%, lower by 0.10% from 3%. The same interest rate remains the same for deposits of Rs 100 crore and beyond.  

PNB offers a wide variety of savings accounts for its customers like Basic Savings Bank Deposit Account, PNB Unnati Saving Fund Account, PNB Saving Account Product for Premium Customers, PNB Junior SF Account, among many.  

The recent interest rate-related changes are applicable to the savings accounts and the fixed deposits (FDs), the lender noted.  

 PNB is now offering an interest rate between 2.9% and 5.25% on FDs, maturing within 7 days to 10 years. However, senior citizens get an additional rate of interest of 0.5% on their deposits, which means the interest rate of FDs maturing between 7 days to 10 years ranges between 3.4% and 5.75%. Below are the detailed revised interest rates of PNB:  

Revised Interest Rates for FD Accounts up to Rs 2 crore  

  • 7 days to 14 days: 2.9% for general citizens  
  • 7 days to 14 days: 3.4% for senior citizens  
  • 15 days to 29 Days: 2.9% for general citizens and 3.4% for senior citizens  
  • 30 days to 45 Days: 2.9% for general citizens and 3.4% for senior citizens  
  • 46 days to 90 Days: 3.25% for general citizens and 3.75% for senior citizens  
  • 91 to 179 Days: 3.8% for general citizens and 4.3% for senior citizens  
  • 180 Days to 270 Days: 4.4% for general citizens and 4.90% for senior citizens  
  • 271 Days to less than 1 Year: 4.4% for general citizens and 4.9% for senior citizens  
  • 1 Year: 5% for general citizens and 5.5% for senior citizens  
  • Above 1 Year and up to 2 Years: 5% for general citizens and 5.5% for senior citizens  
  • Above 2 Years and up to 3 Years: 5.1% for general citizens and 5.6% for senior citizens  
  • Above 3 Years and up to 5 Years: 5.25% for general citizens and 5.75% for senior citizens  
  • Above 5 Years and up to 10 Years: 5.25% for general citizens 5.75% for senior citizens  

The interest rates on savings accounts are applicable to both PNB domestic as well as NRI customers.  

PNB Savings Accounts Cash Withdrawal Limits  

PNB offers three types of debit cards to its customers: Platinum, Classic and Gold. Platinum debit cardholders’ daily withdrawal limit is Rs 50,000, whereas gold debit cardholders can withdraw Rs 50,000. And Classic debit cardholders are allowed to withdraw Rs 25,000 per day. 

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