Investment
oi-Vipul Das
The Punjab National Bank and Suryoday Small Finance Bank, two of the country’s well-known lenders, have revised the interest rates on their savings accounts. On January 1, 2022, the Punjab National Bank changed the interest rates on its savings accounts, while the new interest rates on Suryoday Small Finance Bank’s savings accounts will come into effect on January 20, 2022. The Latest interest rates on the savings accounts of these two banks will be discussed below. .
Suryoday Small Finance bank savings account interest rate
Suryoday Small Finance Bank now offers an interest rate of 4.00% on daily savings account balances up to Rs inclusive. 1 lakh, 6.25% on daily closing balances above Rs. 1 lakh up to and including Rs. 10 lakhs and 6.00% on daily closing balances above Rs. 10 lakhs. From June 1, 2020 to January 19, 2022, these prices are in effect. The bank, on the other hand, is prepared to revise interest rates on daily closing balances over Rs 1 crore. Suryoday Small Finance Bank would grant an interest rate of 5.00% on balances of Daily close above Rs. 1 crore as of January 20, 2022.
| Daily Closing Balance Slabs (Domestic / NRE / NRO) | % rate per year |
|---|---|
| Up to and including Rs. 1 lakh | 4.00% |
| Above Rs. 1 Lakh up to and including Rs. 10 Lakhs | 6.25% |
| Above Rs. 10 Lakhs | 6.00% |
| Source: Bank website. (In force: From June 01, 2020 to January 19, 2022) |
| Daily Closing Balance Slabs (Domestic / NRE / NRO) | % rate per year |
|---|---|
| Up to and including Rs. 1 lakh | 4.00% |
| Above Rs. 1 Lakh up to and including Rs. 1 crore | 6.25% |
| Above Rs. 1 crore | 5.00% |
| Source: Bank website. (Effective: from January 20, 2022) |
National Bank of Punjab
The Punjab National Bank, a public sector lender, recently changed its interest rates on national savings accounts and NRIs, which went into effect on January 1, 2022. Following the most recent revision, holders of Bank savings accounts will now benefit from an interest rate of 2.80% per annum on savings account balances below Rs. 10 lakh, 2.85% pa on bank account balances savings of Rs.10 lakh and more to less than Rs.500 crore, and 3.25% pa on savings account balances of Rs.500 crore and more respectively. The latest interest rates on Punjab National Bank National Savings Accounts and NRIs are mentioned below (WEF January 1, 2022).
| Savings fund balance | Interest rate per year |
|---|---|
| Savings fund account balance less than Rs. 10 lakh | 2.80% per year |
| Savings fund account balance of Rs.10 Lakh and above Rs.500 Cr | 2.85% pa |
| Savings fund account balance of Rs. 500 Cr and more | 3.25% per year |
| Source: Bank website. (Effective: from January 01, 2022) |
Article first published: Friday, January 7, 2022, 3:12 p.m. [IST]
