Punjab National Bank slashes rates on foreign deposits
By Neelima Shankar
Jul 3, 2012
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One of the public sector banks, Punjab National Bank (PNB) has announced a downward revision in its Foreign Currency Non Resident (FCNR) accounts. The reduced rates would be applicable on deposits with tenor of 2-5 years, with effect from 1st of July.

The bank has reduced the rates on most of the schemes. The rates for US Dollar deposits have been revised as follows. For deposits of 2 years to 3 years, the new rates would be 2.55% from 2.63%; deposits for 3 years to 4 years have been dropped from 3.71% to 3.63%; similarly for maturity of 4 years to 5 years the new rates would be 3.78% against 3.87% previously; while deposits maturing in 5 years have been reduced from 4.04% to 3.97%.

However, the bank has decided to keep the interest rates on deposits with maturity from one year up to 2 years constant at 3.07%.

The new rates would be applicable from July 1, 2012 to July 31, 2012. The interest rates for other currencies like Canadian Dollar, Australian Dollar, Great Britain Pound, and Euro have been adjusted accordingly.

Another PSB, Indian Bank also announced a revision of interest rates on FCNR accounts yesterday. 

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