New Delhi: PNB hikes NRE deposit rates

New Delhi, June 2: Country's second largest lender Punjab National Bank (PNB) has increased interest rates on its foreign currency non-resident (banks) deposit scheme from June one.

The increase is applicable in respect of dollar, pound, euro, Australian dollar and Canadian dollar deposits, a statement issued by the Bank said here today.

The rate of interest on dollar deposits has been revised to 4.64 per cent for maturity of one year to less than two years (1st maturity), 4.57 per cent for two years to less than three years (2nd maturity), 4.55 per cent for three years to less four years (3rd maturity), 4.55 per cent for four years to less than five years (4th maturity) and 4.57 per cent for five years only (5th maturity).

The rate of interest on GBP deposits has been revised to 5.39 per cent for 1st maturity, 5.35 per cent for 2nd maturity, 5.32 per cent for 3rd maturity, 5.26 per cent for 4th and 5.20 per cent for 5th maturity.

The rate of interest on euro deposits has been revised to 3.71 per cent for 1st maturity, 3.87 per cent for 2nd maturity, 3.88 per cent for 3rd maturity, 3.88 per cent for 4th maturity and 3.88 per cent for the 5th maturity, while rate of interest on Canadian dollars deposits has been revised to 3.99 per cent for 1st maturity, 4.10 per cent for 2nd maturity, 4.13 per cent for 3rd maturity, 4.14 per cent for 4th maturity and 4.15 per ecnt for 5th maturity.

In addition, the applicable rate of interest on NRE term deposits for June is 5.39 per cent for maturities of one year to less than 2 years, 5.32 per cent for maturities of two year to less than 3 years and 5.30 per cent for maturities of three years to five years.

UNI