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Our Bureau

New Delhi , June 2

Punjab National Bank (PNB) has increased/revised interest rates on its foreign currency non-residents (banks) deposit scheme and also on its non-resident external (NRE) scheme with effect from June 1.

A release issued by PNB said that interest rate on US dollar deposits under FCNR (B) scheme has been increased from 5.33 per cent to 5.43 per cent per annum for maturities of 1 year to less than 2 years (1st maturity) and from 5.34 per cent to 5.43 per cent for 2 years to less than 3 years (2nd maturity).

For maturities of 3 years to less than 4 years (3rd maturity), for 4 years to less than five years (4th maturity) and for 5 years only (5th maturity), the interest rate has been increased from 5.35 per cent to 5.45 per cent, 5.39 per cent to 5.47 per cent and 5.43 per cent to 5.51 per cent per annum respectively.

There has also been an increase in interest rate on deposits on British pounds, euro deposits, Australian dollar deposits and Canadian dollar deposits. Meanwhile, PNB has said that the applicable rate of interest on NRE term deposits for June 2006 has been pegged at 6.4 per cent for maturities of 1 year to less than 3 years and 6.50 per cent for maturities of 3 years to five years.

More Stories on : Fixed Deposits | NRIs | Interest Rates | Punjab National Bank

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