Taking a big decision, Punjab National Bank (PNB) reduced the loan rates as well as the interest rates on the savings account. The bank has cut the lending rate (RLLR) linked to the repo rate by 0.40 percent. After this, the RLLR in the bank has increased to 6.65 percent, which was 7.05 percent earlier. Apart from this, PNB has also reduced MCLR by 0.15 per cent for all term loans. Before you tell us, the country’s largest government bank SBI (State Bank of India) also decided to reduce the interest rates. If you have one lakh rupees deposited in your account, then on the deposit of one lakh rupees at the interest rate of 2.75 percent, the customer will now get an interest of Rs 2,750 in a year.
According to the statement issued by the bank, PNB has cut interest rates on savings account by 0.50 percent. From July 1, the bank’s savings account will get a maximum interest of 3.25 percent annually.now 3% per annum will be available on the balance up to Rs 50 lakhs in PNB’s savings account and 3.25% per annum on the balance of more than 50 lakhs. The bank has also cut interest rates once again for its term deposits. This deduction has come into effect from Monday. After the deduction, now the annual interest rates on term deposits of various maturity periods in PNB are like this.
The Reserve Bank of India (RBI) reduced interest rates by 0.40 per cent in May. Now the repo rate has come down from 4.40 percent to 4 percent. Home loan rates have come down to the lowest level in 15 years with the decision of RBI. This means that by taking this step by the Reserve Bank, many people will now be seen fulfilling their dream of a house. Let me tell you that the RBI has cut rates continuously in the past, due to which the rates of loans have also been reduced by banks. However, if you are thinking of taking a home loan, then one must look at the interest rates of major banks, so that you can save.