Punjab National Bank (PNB) today announced a cut in interest rate on Foreign Currency Non-Resident deposit schemes for dollar, British pound and euro effective from January 1.
The interest rate on US dollar deposits has been slashed to 3 per cent for a maturity of 1-2 years from 3.77 per cent. For the maturity of 2-3 years, the rate is revised to 2.44 per cent against 3.12 per cent, the bank said in a statement.
For tenure of 3-4 years, the interest rate has been reduced to 2.72 per cent from 3.39 per cent and on 4-5 years term deposit the new rate is 2.93 per cent and the fixed deposit for five years it is 3.08 per cent.
On NRE Term deposits, the applicable rate of interest form January 1 is 3.75 per cent for maturities of one year to less than two years and 3.19 per cent for maturity in between 2-3 years, it said.
The interest rate has been revised downward to 3.47 per cent for the maturity of 3-5 years, it added.
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