PNB raises NRI deposits rates

Punjab National Bank (PNB), on Friday, raised the interest rates on NRI deposits of over three years by one percentage point after the Reserve Bank of India deregulated interest rates on such deposits.

The new rates would be applicable from close of the business on August 14, the bank said in a statement.

The fixed deposits between three and four years in U.S. dollar would now attract 4.78 per cent as compared to 3.78 per cent. Similarly, 4-5 year term deposit would earn 5.17 per cent against 4.17 per cent, it said.