Punjab National Bank has increased interest rate on Foreign Currency Non-Resident deposit schemes for dollar. The revised rates will be effective March 1.
According to PNB statement the interest rate on US dollar deposits has been increased up to 3.12 per cent for maturity period of 1-2 years from 2.98 per cent. While on the maturity of 2-3 years, the rate has been changed to 2.69 per cent against 2.57 per cent.
For tenure of 3-4 years, the interest rate has been raised to 3.07 per cent as against 2.93 per cent and on 4-5 years term deposit the revised rate is 3.40 per cent. The rate for fixed deposit for five years being offered is 3.66 per cent.
From March 1 the new NRE Term deposits, rate of interest is 3.87 per cent for maturities of one year to less than two years and 3.44 per cent for maturity in between 2-3 years.
As per statement the interest rate has been raised to 3.82 per cent for the maturity of 3-5 years.
