In the last week, there have been reports of general bank account holders giving low interest in savings from various banks. Till now, only government banks were talking about paying less interest in savings accounts. But now private banks are also coming in this queue. The country’s largest ICICI bank has also announced a reduction in interest to be paid in savings accounts. The new decision has been implemented with immediate effect.
ICICI Bank has increased its Savings Accounts interest rates. Now the interest rate on deposits below 50 lakh rupees will be 3 per cent, while on deposits above that interest will be 3.50 per cent. Such reforms took effect from 4 June 2020. Punjab National Bank (PNB), the second largest government bank in the world, has given its customers a blow in the midst of a lockdown. The bank has chosen to cut interest rates found on customers’ savings account. The new tariffs will apply from next month.
Public sector Punjab National Bank cut interest rates on savings deposit accounts by 0.5 per cent on Wednesday. The lower interest rates will take effect as from July 1. The bank tweeted that the new interest rate would be three per cent per annum on deposits up to Rs 50 lakh. It’s 3.50 per cent right now. Similarly, the interest rate will be 3.25 per cent on deposits of Rs 50 lakh or more.