Punjab National Bank on Tuesday slashed interest rates by 15-30 basis points on non-resident rupee deposits and foreign currency bank deposit schemes.
In the case of NRE term deposits, the interest rate has been revised downward from 4.40 to 4.20 per cent for 1-2 years, from 4.80 to 4.50 per cent for 2-3 years and from 5 to 4.70 per cent for maturities of three years only, PNB said in a release.
The rate of interest on NRE savings accounts will be 3.40 per cent from April-June 2005, it said.
In the case of FCNR-B deposits, the rate of interest on US dollar deposits has been revised downward from 3.60 to 3.45 per cent for 1-2 years, 4.01 to 3.77 per cent for 2-3 years and from 4.21 to 3.92 per cent for maturities of three years.
The rate of interest on British pound deposits has been revised from 4.87 to 4.74 per cent for 1-2 years, from 4.84 to 4.65 per cent for 2-3 years and from 4.83 to 4.64 for three years only.
The interest rate on euro deposits has been revised downward from 2.11 to 1.96 per cent for 1-2 years, from 2.42 to 2.18 per cent for 2-3 years and from 2.64 to 2.37 per cent for maturities of three years.