PNB revises rates on non-resident deposits

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Punjab National Bank on Friday announced revision in interest rate on Foreign Currency Non-Resident (B) deposit schemes for dollar, British pound, euro as well as Canadian and Australian dollar with effect from January 1.

The interest rate on US dollar deposits have been reduced to 3.47 per cent for a maturity of one year to less than two years as compared to 3.71 per cent last month while for 2-3 years maturity it has been brought down to 3.10 per cent, PNB said in a release.

For a tenure of 3-4 years, it is 3.20 per cent against 3.25 per cent previously and for five years, the interest rate has been increased from 3.44 per cent to 3.47 per cent.

On NRE term deposits, the applicable rate of interest is reduced to 4.22 per cent for maturities of one year to less than two years against 4.46 per cent and 3.85 per cent for maturity period between 2-3 years, it said.