The Hindu Business Line : PNB raises rates on FCNR (B) dollar deposits

PUNJAB National Bank has revised interest rates on Foreign Currency Non-resident (Banks) scheme for dollar, pound and euro deposits with effect from December 2.

The rate of interest on dollar deposits has been increased from 2.3 per cent to 2.75 per cent for maturities of one year to less than 2 years, from 2.69 per cent to 3.17 per cent for 2 years to less than 3 years and from 3 per cent to 3.44 per cent for maturities of three years only.

For pound deposits, the interest rates have been lowered from 4.77 per cent to 4.65 per cent for maturities of one year to less than 2 years, from 4.71 per cent to 4.58 per cent for 2 years to less than 3 years, and from 4.74 per cent to 4.59 per cent for maturities of 3 years only.

The interest rates on euro deposits have been reduced from 2.06 per cent to 2.05 per cent for one year to less than 2 years, from 2.34 per cent to 2.30 per cent for 2 years to less than 3 years, and from 2.61 per cent to 2.54 per cent for three years only.

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