The country’s second largest public sector lender, Punjab National Bank, has revised interest rates on Foreign Currency Non-Resident deposit schemes effective from January 1.
The interest rate on US dollar deposits has been slashed to 1.98 per cent for a maturity of one to two years from 2.02 per cent, while for the maturity of two to three years, the rate has been increased to 2.39 per cent, against 2.01 per cent, PNB said in a statement.
For a tenure of three to four years, the interest rate has been raised 3.04 per cent from 2.56 per cent and on four to five years term deposit the new rate is 3.54 per cent and the fixed deposit for five years will 3.94 per cent, against 3.36 per cent, it said.
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On NRE Term deposits, the applicable rate of interest form January 1 is 2.73 per cent for maturities of one year to less than two years while for two to three years it has been raised to 3.14 per cent from the existing 2.76 per cent, it said.
The interest rate has been revised upward to 3.79 per cent for the maturity of three to five years, it added.