NEWS & ADVICE : FIXED DEPOSITS
PNB alters interest rates on non-resident deposits
By Neelima Shankar
Jan 5, 2010
Print    Email    RSS   

Punjab National Bank, the country's second largest public sector bank, has changed interest rates on Foreign Currency Non-Resident deposit schemes with effect from January 1.

PNB, in a statement said the interest rate on US dollar deposits has been decreased from 2.02 percent to 1.98 percent for a tenure ranging between one to two years. For tenures of two to three years, the rate has been increased from 2.01 percent to 2.39 percent.

For deposits with maturity of three to four years, the interest rate has been increased from 2.56 percent to 3.04 percent and on four to five years term deposit the revised rate is 3.54 percent. For fixed deposits of five years the rate has been raised to 3.94 percent as against the earlier 3.36 per cent.

Rate on NRE Term deposits has been revised to 2.73 percent for maturities of one year to less than two years while from two to three years while for deposits with maturities two to three years it has been raised to 3.14 percent from the earlier 2.76 percent.

The interest rate has been raised to 3.79 per cent for the maturity of three to five years.

The bank has slashed the penalty for premature withdrawal (dec24) of deposits by 50 percent to lure more depositors since medium term outlook on interest rates is uncertain.

The bank had been charging 2 per cent penalty for premature withdrawal for the last one year. The rate will be 1 percent from January 1.

 


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

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Fixed Deposits: Safest instrument to invest
Recurring Deposits or Systematic...
Do you know what led banks to calibrate...
Know about corporate fixed deposits
Sweep in to Auto Sweep savings A/c


NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...
Chandigarh@CaℒL Giℛℒ In Rajpura +O9855660911...
If I invest 100000 rupees deposit for 2 year , how...

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