Our Bureau

New Delhi, June 5

Punjab & Sind Bank hiked the interest rates on foreign currency non-resident (banks) deposits and non-resident external (NRE) deposits from June 1.

A release issued by the bank said interest on NRE deposits has been hiked from 6.33 per cent to 6.43 per cent for maturities of 1 year to less than 2 years; from 6.33 per cent to 6.42 per cent for 2 years to less than 3 years; and from 6.35 per cent to 6.45 per cent for 3 years only.

On FCNR (B) deposits, interest rate on US dollar deposits has been hiked from 5.33 per cent per annum to 5.43 per cent for 1 year to less than 2 years; from 5.33 per cent to 5.42 per cent for 2 years to less than 3 years; from 5.35 per cent to 5.45 per cent for 3 years to less than four years; from 5.39 per cent to 5.47 per cent for four years to less than 5 years; and from 5.43 per cent to 5.50 per cent for five years.

Interest rate on euro, Canadian and Australian dollar deposits under FCNR (B) scheme has also been hiked.

(This article was published in the Business Line print edition dated June 6, 2006)
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