Mumbai: India’s second largest public sector bank, the Punjab National Bank (PNB) has reduced the interest rates on its savings accounts. Interest rates of savings accounts with less than Rs 10 lakh in balance have been reduced to 2.70% per annum from 2.75%. Interest rates of savings accounts with balances between Rs 10 lakh and Rs 500 crore have been cut to 2.75% per annum from 2.80%. The new rates are applicable to both local and NRI accounts.
This is for the second time that the bank is decreasing the interest rates in this year. Earlier in February, PNB dropped interest rates.
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PNB also announced in February that it will levy a Rs 250 penalty if an EMI or other installment is not paid due to a lack of sufficient balance in an account holder’s account. This was formerly set at Rs 100. PNB also increased the the non-maintenance of quarterly average balance (QAB) limit in metro city areas by Rs 5,000 from January this year. The QAB was increased to Rs 10,000. The PNB has also increased its locker charges in all areas, including rural, semi-urban, metropolitan, and metro towns, and has decreased the number of free visits to bank lockers.
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