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PNB hikes interest on FCNR(B) accounts

Written by: Staff

New Delhi, May 2: 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% to 5.33 % per annum for maturities of one year to less than two years (first maturity) and from 5.29 % to 5.43 % 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 % to 5.36 % , 5.30 % to 5.39 % and 5.31 % to 5.43 % per annum.

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

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


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