Punjab National Bank, a leading public sector lender has announced an increase in the NRE term deposit rates. The deregulation of the NRE deposit rates from RBI has led the banks to increase the deposit rates substantially.
The bank has increased the deposit rate for a period of one-to-five years to 9.25 percent. The hike is applicable from January 1, 2012.
A lot of the leading lenders like HDFC Bank, YES Bank, Federal Bank, Dhanlaxmi Bank and several others have already hiked the rates.