Punjab National Bank (PNB) today cut interest rates on Foreign Currency Non-Resident (FCNR) deposit schemes for dollar, British pound and euro.
The interest rate on US dollar deposits has been slashed to 3.42 per cent for a maturity of 1-2 years, from 4.21 per cent. For deposits with 2-3 year tenure, the rate is revised to 2.91 per cent against 3.52 per cent, PNB said in press statements.
For tenure of 3-4 years, the interest rate has been reduced to 3.36 per cent, from 3.81 per cent and on 4-5 years term deposit, the new rate is 3.74 per cent and for fixed deposit for five years, it is 4 per cent.
On NRE Term deposits, the applicable rate of interest from November 1 is 4.17 per cent for maturities of one year to less than two years and 3.66 per cent for maturity in between 2-3 years, it said.
The interest rate has been revised downward to 4.14 per cent for the maturity of 3-5 years, it added.