Punjab National Bank - Savings Interest Rates

As of October 2026, Punjab National Bank offers a maximum savings account interest rate of 4.25% p.a. on select balance slabs. The rate varies based on the amount maintained in your account.

Yes, Punjab National Bank is a scheduled bank regulated by the RBI. Your deposits (up to ₹5 Lakhs per depositor) are insured by DICGC, which covers both principal and accrued interest across all your accounts in this bank.

Banks typically calculate savings account interest on the daily closing balance. The interest is usually credited monthly or quarterly. The applicable rate depends on the balance slab your account balance falls into.

Yes, interest earned on savings accounts is taxable. However, under Section 80TTA, individuals below 60 years can claim a deduction of up to ₹10,000 on savings account interest. Senior citizens can claim up to ₹50,000 under Section 80TTB. TDS is deducted at 10% if total interest exceeds ₹40,000 per year (₹50,000 for senior citizens).

Yes, Punjab National Bank offers tiered interest rates ranging from 2.5% to 4.25% p.a. based on the balance maintained in your savings account. Higher balances typically earn higher interest rates.