Punjab National Bank on Tuesday announced hike in interest rate on Foreign Currency Non-Resident (B) deposit schemes for dollar, British pound and euro with effect from June 1.
The interest rate on US dollar deposits has been raised to 2.41 per cent for a maturity of one year from 2.33 per cent. For the maturity of 2-3 years, the rate is revised to 2.71 per cent against 2.43 per cent, PNB said in a release.
For tenure of 3-4 years, the interest rate has been increased to to 3.06 per cent from 2.70 per cent and on 4-5 years term deposit the new rate is at 3.30 per cent and the fixed deposit for five years it is 3.47 per cent.
On NRE Term deposits, the applicable rate of interest for June is 3.16 per cent for maturities of one year to less than two years compared to 3.08 per cent last month and 3.46 per cent for maturity in between 2-3 years, it said.
The interest rate is pegged at 3.81 per cent for the maturity of 3-5 years against 3.45 per cent earlier, it added.
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