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PNB revises interest rates on non-resident deposits

Mumbai, October 03, 2005 

Punjab National Bank (PNB) has revised interest rates on its Foreign Currency Non-Residents (Banks) Scheme for USD, GBP, EURO,AUD and CAD deposits w.e.f. 4th October 2005. Bank has also revised interest rates on NRE Savings and Term Deposits.

In case of NRE term deposits, w. e. f. October 4, 2005 the rate of interest has been revised from 4.70% to 4.90% for maturities of 1 year to less than 2 years and from 4.90% to 5.00% for maturities 2 years to less than 3 years. For maturities of 3 years to 5 years the rate of interest has been revised from 5.00% to 5.10%. 

In case of FCNR (B) deposits, the rate of interest on USD deposits has been revised from 3.99% to 4.19% for maturities of 1 year to less than 2 years (1st maturity), from 4.19% to 4.28% for 2 years to less than 3 years (2nd maturity), from 4.22% to 4.31% for maturities of 3 years to less than 4 years (3rd maturity). For 4 years to less than 5 years (4th maturity) and for 5 years only (5th maturity) it has been revised from 4.24% to 4.33% and from 4.26% to 4.36% respectively. 

The rate of interest on GBP Deposits has been revised from 4.25% to 4.29% for 1st maturity and from 4.22% to 4.23%, 4.23% to 4.25%, and 4.27% to 4.25% for 2nd, 3rd and 4th maturities respectively. For 5 years only it has been revised from 4.29% to 4.27%. For EURO deposits, the interest rates have been revised from 1.96% to 2.07%, from 2.12% to 2.27%, 2.25% to 2.39%, 2.35 to 2.49% for 1st, 2nd, 3rd and 4th maturities respectively. For 5 years only interest rates have been revised from 2.47% and 2.59%. For AUD deposits, the interest rates have been revised from 5.33% to 5.50%, from 5.18% to 5.51%, 5.15 to 5.52%, 5.18 to 5.56% for 1st, 2nd, 3rd and 4th maturities respectively. For 5 years only interest rates have been revised from 5.20% and 5.58%.

For CAD deposits, the interest rates have been revised from 2.97% to 3.16%, from 2.97% to 3.29%, 3.07% to 3.38%, 3.18% to 3.48% for 1st, 2nd, 3rd and 4th maturities respectively. For 5 years only interest rates have been revised from 3.31% and 3.59%.

On NRE Saving deposits, for the quarter October to December 2005, the rate offered by the Bank is 

4.20 %.

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