PNB hikes FD interest

Kozhikode, Jan 10 (UNI) Public sector banking major Punjab National Bank (PNB) has hiked interest rates on Fixed Deposits under different maturity periods to attract more investments from clientele, including Non-Resident Indians.

Effective from December 26, 2006, the "competitive" revision was introduced after hardening of interest rates in government securities' market and the credit pick up, Zonal Manager S P Singh told a press meet here last night.

The new rates were eight per cent for a period of five years and above, 7.5 per cent for one year to less than three years and seven per cent under the 180-day to less than one year category, he said.

For bulk deposits of Rs 15 lakh to Rs five crore, the rate was eight per cent for a period of one year to less than two years, he said adding the rate was negotiable for above five crore depending upon the size and period of the amount.

The bank, which has an exclusive NRI Cell at the Zonal Office here, offered 6.33 per cent on NRE deposits for a year, while FCNR deposits in US Dollar gets 5.33 per cent, GBP 5.58 per cent, Euro 4.02, CAD 4.24 per cent and AUD 6.62 per cent, he added.

UNI