New Delhi: Punjab National Bank (PNB) has announced an interest rate cut on savings account deposits. The public lender has announced a revised interest rate of 2.90 per cent per annum. PNB has cut the interest rate on savings account deposits by 10 basis points (bps). Earlier the interest rate was 3 per cent per annum on savings account deposit.
PNB Interest Rate On Savings Account
- The revised rate of interest is effective from September 1, 2021.
- The new interest rate of 2.9 per cent is applicable on existing and new savings accounts.
- PNB is offering interest rate between 2.9 per cent to 5.25 per cent on Fixed Deposits.
- Meanwhile, the Punjab National Bank is offering subscription for Sovereign Gold Bond Scheme.
- The subscription period for Sovereign Gold Bond Scheme will close on September 3, 2021.
- The investment price is Rs 4,732 per gram. Minimum investment is 1 gram.
Don’t miss the Sunehra Mauka!
— Punjab National Bank (@pnbindia) August 30, 2021
- Earlier in August, Punjab National Bank had reported a year-on-year rise of 232.1 per cent in its net profit for Q1FY21. The lender’s net profit rose to Rs 1,023 crore in Q1FY22 from Rs 308 crore, during the like period of the previous fiscal, as per IANS report.
- Besides, its net interest income grew by 6.6 per cent, on a YoY basis, to Rs 7,227 crore in Q1FY22. In addition, Gross Non Performing Assets (GNPA) stood at Rs 1,04,076 crore as on June 2021 as against Rs 1,01,849 crore in the like period of last year, IANS report says.
- “Net Non Performing Assets’ (NNPA) stood at Rs 38,581 crore as on June 2021 as against Rs 35,303 crore in June’20.” “Provision Coverage Ratio (PCR) excluding TWO stood at 62.93 per cent in June’2021 against 65.34 per cent in June’2020,” as per IANS report.
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