PNB raises NRI deposit rates
By Vaibhav Aggarwal
Oct 6, 2008
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Country's second largest PSU bank, Punjab National Bank, declared a hike of 50 basis points in its non-resident deposits in foreign currencies including US dollar, Euro and British Pound.

PNB has also increased the interest rates for rupee deposits by 50 basis points

As the Indian rupee depreciated on September 30th, the Reserve Bank of India (RBI) raised the ceiling on interest rates on non-resident deposits by 50 basis points to encourage the inflow of foreign currency deposits and to strengthen rupee.

This prompted the bank to raise its interest rates. All the revised rates are effective from October 1st.

Earlier also banks including the largest lender SBI had announced a hike in its interest rates for foreign currency non-resident (FCNR) deposits and non-resident external (NRE) term deposits. These hikes were again a part of measures announced by RBI to support rupee.

In September, PNB had reduced its interest rates on various non-deposit schemes.


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