The Hindu Business Line : PNB hikes FCNR (B), NRE rates

Punjab National Bank (PNB) has hiked the interest rates offered on Non-Resident Indian deposits with effect from June 1. The interest rate on dollar denominated deposits under the foreign currency non-resident (banks) scheme has been increased from 4.55 per cent to 4.64 per cent for maturity of 1 year to less than 2 years, from 4.31 per cent to 4.57 per cent for 2 to less than 3 years, from 4.26 per cent to 4.55 per cent for 3 to less than 4 years, from 4.26 per cent to 4.55 per cent for 4 to less than five years and from 4.29 per cent to 4.57 per cent for five years maturity only.

PNB has also revised upwards the interest rates on FCNR (B) deposits denominated in euros, British pounds, Australian dollar and Canadian dollar.

Interest rate on Non-Resident (External) term deposits has been hiked from 5.3 per cent to 5.39 per cent for maturities of 1 year to less than 2 years with effect from June 1. Similarly, the interest rate on NRE deposits with maturities of 2 years to less than 3 years has been hiked from 5.06 per cent to 5.32 per cent and for 3 to 5 years, from 5.01 per cent to 5.3 per cent.

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

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