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PNB lowers rates on savings account deposits by 50 bps

city New Delhi India 2020 pandemic Coronavirus
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NEW DELHI : Following industry peers, Punjab National Bank (PNB) on Wednesday announced to lower interest rate on savings account deposits by 0.50 percentage point, effective July 1.

For deposits up to ₹50 lakh, the new interest rate will be 3 per cent, down by 0.50 per cent from 3.50 per cent. Deposits of ₹50 lakh and above will earn interest of 3.25 per cent as against 3.75 per cent currently.

The rate of interest on savings fund deposit has been reduced with effect from July 1, 2020, Punjab National Bank said in a tweet. "Interest shall be paid on a daily product basis at the rate of 3 per cent per annum in accounts where the end-of-day balance is up to ₹50 lakh and at the rate of 3.25 per cent per annum in accounts where the end-of-day

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Cases: 46 252 513
Deaths: 750 423
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India
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Recovered: 0
Brazil
Brazil
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Deaths: 608 235
Recovered: 0
United Kingdom
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Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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