PNB hikes non-resident deposit rate

Punjab National Bank on Saturday increased the interest rate on Foreign Currency Non-Resident (B) Deposit Scheme for dollar, British pound, euro and Canadian and Australian dollar with effect from June 1.

The interest rate on US dollar deposits have been hiked to 4.64 per cent for a maturity of one year to less than two years and to 4.57 per cent for a maturity of two years to less than three years, PNB said in a release.

For tenor of three to less than five years, the interest rate has been increased to 4.55 per cent and 4.57 per cent respectively. The interest rate for three years maturity was earlier 4.26 per cent.

On NRE Term deposits, the applicable rate of interest for June is 5.39 per cent for maturities of one year to less than two years and 5.30 per cent for maturity in between 2-3 years, it said.