PNB to lower rates on savings account deposits by 50 bps from July 1

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 Rs 50 lakh, the new interest rate will be 3 per cent, down by 0.50 per cent from 3.50 per cent.

Deposits of Rs 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