NEWS & ADVICE : FIXED DEPOSITS
PNB: FCNR deposits check a rate cut
By Neelima Shankar
Nov 5, 2008
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Public sector, Punjab National Bank (PNB) has announced a reduction in its interest rate of Foreign Currency Non-Resident (FCNR) deposit schemes.

The rate cut which was declared on November 3rd is applicable on deposits of US dollar, British Pound and Euro.

The changed rates of interest on US dollar deposits stand as follows:

Deposit TenureInterest Rate NowInterest Rate Earlier

1 to 2 years

3.42%

4.21%

2 to 3 years

2.91%

3.52%

3 to 4 years

3.36%

3.81%

4 to 5 years

3.74%

3.95%

5 years

4.00%

4.14%

NRE term deposits rates for maturities of 1 to 2 years and 2 to 3 years are recorded at 4.17% and 3.66% respectively. For 3 to 5 years deposit, interest rate has been reduced down to 4.14%.

The revised interest rates on NRE deposits are effective from November 1st.

 


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