NEWS & ADVICE : FIXED DEPOSITS
PNB raises NRI deposit rates
By Vaibhav Aggarwal
Oct 6, 2008
Print    Email    RSS   

Country's second largest PSU bank, Punjab National Bank, declared a hike of 50 basis points in its non-resident deposits in foreign currencies including US dollar, Euro and British Pound.

PNB has also increased the interest rates for rupee deposits by 50 basis points

As the Indian rupee depreciated on September 30th, the Reserve Bank of India (RBI) raised the ceiling on interest rates on non-resident deposits by 50 basis points to encourage the inflow of foreign currency deposits and to strengthen rupee.

This prompted the bank to raise its interest rates. All the revised rates are effective from October 1st.

Earlier also banks including the largest lender SBI had announced a hike in its interest rates for foreign currency non-resident (FCNR) deposits and non-resident external (NRE) term deposits. These hikes were again a part of measures announced by RBI to support rupee.

In September, PNB had reduced its interest rates on various non-deposit schemes.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
An Overview of Wealth Management Services...
Fixed deposits in India: Benefits,...
FD: Opportunity for retirees to diversify...
Fetch higher interest rate on your savings...
Medical Insurance: Save tax along with health


MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

NEWS THIS WEEK
Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive