New Delhi: Punjab National Bank on 3 April revised the interest rates on deposits made under the foreign-currency non-resident (FCNR)(B) schemes for dollar, pound, euro, Australian and Canadian dollars effective from 2 April.
The interest on dollar deposits has been cut by two basis points to 4.97% for the term maturity of less than two years and by three basis points to 4.77% for a period of less than three years, the bank said in a release.
Dollar deposits for maturity period of three to less than four years would invite interest rate of 4.71% instead of the existing 4.73%. The bank has left the interest rate for maturity of four years to less than five years untouched at 4.72%.
However, PNB has raised the rate for five year deposit by two basis points to 5.76% from 5.74%.
For Euro deposits of less than two years, the bank has raised the interest rate by 12 basis points to 3.93% from the existing 3.81%. The rate has been raised by 14 basis points to 3.99% for maturity of less than five years.
The rate of interest on non-resident external (NRE) term deposits for April has been slashed by two basis points to 5.72% from the existing 5.74% for maturities of one to less than two years. The interest rate was cut by three basis points to 5.52 two years to less than three years and by two basis points to 5.46 for maturity of three years to five years, the release said.