PNB alters rates on FCNR, NRE deposits

Punjab National Bank (PNB) today revised interest rates on foreign currency non-resident FCNR(B) and NRE savings and term deposits.

The interest on dollar-denominated FCNR(B) deposits have been raised by 0.10-0.11%, while those denominated in pound sterling have been reduced by 0.26-0.30%, a PNB release said today.

As per the new rates, FCNR(B) deposits in dollars for one year will attract 3.63% (3.53%) and those for 1-2 years and 2-3 years will get 3.76% (3.75%), it said adding interest will be 3.81% for deposits of three years.

Interest on pound-denominated deposits will be 4.29% for first maturity instead of 4.55%, and it will be 4.17% (4.47%) for the second maturity, and 4.17% (4.46%) for three year deposits.

The rates have also been revised for euro-denominated FCNR(B) deposits. It will be 1.83% (1.93%) in the first maturity and 2.15% (2.10%) in the second maturity and 2.32% (2.29%) in the third maturity.