PNB hikes interest on FCNR (B) accounts

New Delhi, May 2 (UNI) Punjab National Bank has increased interest rates on its Foreign Currency Non- Resident (Banks) deposit scheme for US dollars, pounds, euro, Australian and Canadian dollar deposits.

The new rates are effective from yesterday, a release said here today.

Interest on dollars has been increased as follows: From 5.29 per cent to 5.33 per cent per annum for maturities of one year to less than two years (first maturity) and from 5.29 per cent to 5.43 per cent for 2 years to less than 3 years (2nd maturity); for maturities of 3 years to less than four years (thrid maturity), for four years to less than five years (fourth maturity) and for five years only (fifth maturity) interest has been increased from 5.27 per cent to 5.36 per cent , 5.30 per cent to 5.39 per cent and 5.31 per cent to 5.43 per cent per annum.

Interest on GBP has been increased as follows: from 4.78 per cent to 4.87 per cent per annum for first maturity and from 4.83 per cent to 4.98 per cent, 4.87 per cent to 5.06 per cent and 4.86 per cent to 5.09 per cent per annum for second, third and fourth maturities respectively. For 5 years only (fifth maturity) it has been increased from 4.85 per cent to 5.10 per cent per annum.

The apllicable rate of interest on NRE Term Deposits for May 2006 is 6.30 per cent for maturities of one year to less than 3 years and 6.40 per cent for maturities of 3 years to 5 years.

UNI GS CS BD1506