Banking Alert: PNB Cuts Interest Rates

Banking Alert: The latest news for PNB Customers, now the bank is taking another step towards development. PNB has decreased interest rates for its savings account holders with balances below Rs.10 Lakhs. The interest rate has been cut down to 2.75%. Again middle-class customers will most suffer from this decision. Bank has decreased the interest rates for a second time. Before the bank has slashed the rates in December 2021.

Alert For PNB Customers: Bank Cuts Interest Rates

For the saving accounts customer with the balance of Rs.10 Lakh to Rs. 500 crore the interest rates are also improvised. Rates have been slashed to 2.80%. The maximum interest rates are for the customers who have a balance of Rs. 500 Crore and above. Rates for such users is 3.25%.

Recently the PNB has also changed the rules for minimum balance in accounts for all users. If the customer’s account is balance is low and any EMI, Cheque, or such installment gets bounced. Then the amount of Rs.250 will be deducted from his bank account. Previously the amount was Rs.100 but now has increased with new policies.

Interest Rates Can Increase

Now PNB’s Managing Director & CEO said that interest rates can be increased by 25 to 30% in February. Also, the interest rates for PNB home loans are between 6.5 to 7 percent.

Now after the changes and new rules the new interest rates are:

For account balances below Rs.10 Lakh- 2.75% P.A

if the balance is Rs.10 Lakh and above- 2.80% P.A

For the Balance of Rs.500 Crore and above- 3.25% P.A

PNB Records Profit

PNB records a huge profit rise of 123 percent in the year 2021. Net profits rises to Rs.1127 crore in Q3 of the year 2021-2022. The income decreased but the net profits raised showing a good sign for PNB shareholders. Recently the shares were in the green zone and we can possibly see a huge Uprise.

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