New Delhi: Punjab National Bank has slashed interest rates on Foreign Currency Non-Resident deposit schemes for dollar, pound and euro effective from yesterday.
The interest rate on US dollar deposits has been reduced
to 2.33 percent for a maturity of 1-2 years from 2.50 percent. For the maturity of 2-3 years, the rate has been brought
down to 2.35 percent against 2.56 percent, PNB said in a
statement.
For a tenure of 3-4 years, the interest rate is trimmed
to 2.99 percent from 3.17 percent and on 4-5 years term
deposit, the new rate is 3.45 percent.
The fixed deposit for five years would now invite lower
interest rate of 3.79 per cent against 4 per cent, it said.
On NRE term deposits, the applicable rate of interest
form September 1 is 3.08 percent for maturities of 1 year to
less than 2 years while 3.10 percent for maturities of 2
years to less than 3 years.
The interest rate on 3-5 year foreign deposit is 3.74 percent.
Bureau Report
First Published: Wednesday, September 02, 2009, 16:11