PNB, HDFC Bank reduce interest rate on savings

NEWDELHI: Punjab National Bank (PNB) and HDFC Bank on Thursday slashed interest rate on savings bank accounts by 50 basis points to 3.5% on deposits up to ₹50 lakh. Besides, PNB has also reduced interest rates on fixed deposits of less than ₹1 crore by 15-40 basis points on select maturities. Interest rate on savings bank account for balance up to ₹50 lakh has been reduced to 3.50% per annum, PNB said in a statement. The new interest rates of both the banks will be effective from August 19. State Bank of India (SBI), Axis Bank, Bank of Baroda and Yes Bank have already slashed rates.