03 February,2009 09:22 AM IST | | MiD DAY Correspondent
The Punjab National Bank on Monday said it has slashed interest rates on foreign currency non-resident bank (FCNR) (B) deposits scheme for Dollar, Pound and Euro from January 1.
The rate of interest on US dollar deposits has been revised to 3 per cent for maturity of 1-2 years against 3.77 per cent, 2.44 per cent for 2-3 years against 3.12 per cent, while the rates are 2.72 per cent, 2.93 per cent and 3.08 per cent for 3-4 years, for 4-5 years and for 5 years, respectively, against the previous rates of 3.39 per cent, 3.64 per cent and 3.82 per cent.
The revised rate of interest on Non-Residential External (NRE) term deposits for the period January 1-January 31 is 3.75 per cent against 4.52 per cent for maturities of 1 year to less than 2 years, 3.19 per cent against 3.87 per cent for maturities of 2 years to less than 3 years and 3.47 per cent for maturities of 3 years to 5 years against 4.14 per cent.
