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PNB revises rates on FCNR deposits
Published on Thu, Nov 02, 2006 at 23:29 in Money » Tax section
Tags: Punjab National Bank, Interest Rates , New Delhi
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New Delhi: Punjab Natioanl Bank on Thursday revised interest rates on (Foreign Currency Non-Resident (Banks) Accounts) FCNR deposits schemes for the foreign currency deposits with effect from November 1.
The rate of interest on US dollar deposits has been revised to 5.34 per cent for a tenure of one year to less than two years, the bank said in a release.
The term deposits for maturity up to two years would invite interest rate of 5.17 per cent, while that for maturity up to five years will yield 5.11 per cent, it said.
The bank said, five-year term deposits would yield an interest rate of 5.12 per cent.
Interest rates on term deposits in pounds, euro, Canadian dollar and Australian dollar have also been revised.
The applicable rate of interest on NRE term deposits for November is 6.34 per cent for maturities of one year to less than two years, it said.
The term deposits for period of two years to less than three years interest rate is 6.17 per cent while for maturities in between 3-5 years it is pegged at 6.11 per cent.
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