PNB raises interest rates on NRE deposits

Punjab National Bank (PNB) today increased interest rate on Foreign Currency Non-Resident (B) Deposit Scheme for dollar, British pound, euro and Canadian and Australian dollar with effect from June 1.

The interest rate on US dollar deposits have been hiked to 4.64% for a maturity of one year to less than two years and to 4.57% for a maturity of two years to less than three years, PNB said in a release.

For tenor of 3 to less than 5 years, interest rate has been increased to 4.55% as compared to 4.26% and to 4.57% for 5 years maturity.

On NRE term deposits, the applicable rate of interest for June is 5.39% for maturities of one year to less than two years and 5.30% for maturity in between 2-3 years, it said.