PNB INCREASES INTEREST
RATES ON FCNR (B) DEPOSITS
Punjab National Bank (PNB) has revised interest rates on its Foreign Currency Non-Residents (Banks) Scheme for USD, GBP, EURO, AUD and CAD deposits w.e.f. March 29, 2006.
Interest rate on USD deposits has been increased from 4.90% to 5.15% per annum for maturities of 1 year to less than 2 years (1st maturity) and from 4.88% to 5.13% for 2 years to less than 3 years (2nd maturity). For maturities of 3 years to less than 4 years (3rd maturity), for 4 years to less than 5 years (4th maturity) and for 5 years only (5th maturity) it has been increased from 4.86% to 5.11% per annum.
The rate of interest on GBP Deposits has been increased from 4.42% to 4.67% for 1st maturity and from 4.46% to 4.71%, 4.48% to 4.73% and 4.47% to 4.72% per annum for 2nd, 3rd and 4th maturities respectively. For 5 years only it has been increased from 4.45% to 4.70% per annum. For EURO deposits, the interest rates have been increased from 2.73% to 2.98%, from 2.99% to 3.24%, 3.08% to 3.33%, 3.16% to 3.41% per annum for 1st, 2nd, 3rd and 4th maturities respectively. For 5 years only interest rates have been increased from 3.21% to 3.46% per annum. For AUD deposits, the interest rates have been increased from 5.42% to 5.67%, 5.39% to 5.64%, 5.41% to 5.66% and from 5.47% to 5.72% per annum for 1st, 2nd, 3rd and 4th maturities respectively. For 5 years only interest rates have been increased from 5.48% to 5.73% per annum.
For CAD deposits, the interest rates have been increased from 3.96% to 4.21%, 4.01% to 4.26%, 4.06% to 4.31% and from 4.11% to 4.36% per annum for 1st, 2nd, 3rd and 4th maturities respectively. For 5 years only interest rates have been increased from 4.15% to 4.40% per annum.