PNB, OBC reduce interest rates on non-resident deposits w.e.f. August 1

From August 1 country's second largest public sector lender Punjab National Bank and Oriental Bank of Commerce have lowered interest rate on Foreign Currency Non-Resident (B) deposit schemes for dollar, British pound and euro.

Banks in a press statement stated the interest rate on US dollar deposits for a maturity of 1-2 years has been reduced to 2.5 per cent from 2.56 per cent. While for the maturity of 2-3 years, the rate has been reduced to 2.75 per cent as against 2.85 per cent.

The interest rate for tenure of 3-4 years has been lowered to 3.11 per cent from 3.20 per cent and for 4-5 years term deposit the rates have been revised to 3.34 per cent and the fixed deposit for five years it is 3.49 per cent.

The bank statement stated the interest rate on NRE Term deposits, for August is 3.25 per cent for maturities of one year to less than two years as compared to 3.31 per cent last month and 3.50 per cent for maturity in between 2-3 years. It further added the interest rate has been pegged at 3.86 per cent for the maturity of 3-5 years against 3.95 per cent earlier.