Public sector bank Punjab National Bank (PNB) has reduced the interest rates on different loans, giving relief to the borrowers, but the depositors got hit.
Bank Interest Rate: If you have a savings account in Punjab National Bank (PNB), then this is the news of your work only and only. Now customers will get reduced interest on the amount deposited in the bank. Giving a shock to its customers, the bank has reduced the interest rate on savings accounts of less than Rs 10 lakh to 2.80% per annum. There is also good news for home loan, car loan, education loan and personal loan borrowers.
This government bank has reduced rates by 0.1 percent i.e. 10 basis points (BPS) and 0.05 i.e. 5 basis points on savings bank account accounts of less than Rs 10 lakh and above Rs 10 lakh. These new rates will be applicable on both domestic and NRI savings account accounts. PNB has announced to reduce the lending rate by 5 basis points to 6.50 percent.
PNB last week announced a reduction of 5 basis points in its benchmark loan rate to 6.50 percent. PNB said in a regulatory filing that the repo linked lending rate (RLLR) has been changed from 6.55 per cent to 6.50 per cent with effect from November 8. With the reduction in RLLR, all loans including home, car, education, personal loans will become cheaper. The bank had last reduced its RLLR from 6.80 per cent to 6.55 per cent on September 17.
PNB said in a statement that from November 8, 2021, PNB will offer one of the lowest interest rates on car loans at 6.65% and will further reduce the home loan rate, which now starts from 6.50%, to enhance its banking services. Becomes more attractive than ever.
Also to boost the government’s efforts towards adoption of electric/green vehicles, PNB has reduced the interest rate on e-vehicles and CNG vehicles to 6.65%, while it starts from 6.75% for other cars .
The bank has reduced the personal loan rate by 5 basis points to 8.90%. Additionally, the personal loan limit has been increased to Rs 20 lakh with a repayment period of 72 months. RLLR was introduced in October 2019. It is a floating rate-based personal or retail loan, linked to an external benchmark, such as the Reserve Bank of India (RBI) repo rate.