PNB raises foreign currency deposit rates by 50 bps

New Delhi, Sept 17 (UNI) Punjab National Bank, the country's second largest public sector bank, today hiked interest rates on non-resident deposits in foreign currencies, including US dollar, Euro and British Pound, by 0.50 per cent with immediate effect.

The Bank also raised interest rates by 50 basis points for rupee deposits by non-residents, it said in a statement.

To encourage the inflow of foreign currency deposits and to strengthen rupee, the Reserve Bank of India has raised the ceiling on interest rates on non-resident deposits by 50 bps.

UNI SG AK CS1800