New Delhi: Punjab National Bank (PNB) has slashed interest rate on Foreign Currency Non-Resident (B) Deposit Scheme in forex currency including dollar with effect from 1 December.
The interest rate on US dollar deposits have been reduced to 3.7% from 4.17% for a maturity of one year to less than two years and to 3.1% for a maturity of two years to less than three years against earlier rate of 3.66%, PNB said in a release.
For the tenor of 3 to less than 4 years, interest rate has been reduced to 3.3% as compared to 4.1% while for 4-5 years the new rate is 3.64% against 4.4%, it said.
On NRE term deposits, the applicable rate of interest for December has been brought down 4.52% against 4.92% earlier for maturities of one year to less than two years and 3.87% for maturity in between 2-3 years, it said.
Deposits with maturity in between 3-5 years would attract interest of 4.14% against the earlier rate of 4.89%.