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Punjab & Sind Bank hikes NRE, FCNR deposit rates

Our Bureau

New Delhi , June 5

Punjab & Sind Bank hiked the interest rates on foreign currency non-resident (banks) deposits and non-resident external (NRE) deposits from June 1.

A release issued by the bank said interest on NRE deposits has been hiked from 6.33 per cent to 6.43 per cent for maturities of 1 year to less than 2 years; from 6.33 per cent to 6.42 per cent for 2 years to less than 3 years; and from 6.35 per cent to 6.45 per cent for 3 years only.

On FCNR (B) deposits, interest rate on US dollar deposits has been hiked from 5.33 per cent per annum to 5.43 per cent for 1 year to less than 2 years; from 5.33 per cent to 5.42 per cent for 2 years to less than 3 years; from 5.35 per cent to 5.45 per cent for 3 years to less than four years; from 5.39 per cent to 5.47 per cent for four years to less than 5 years; and from 5.43 per cent to 5.50 per cent for five years.

Interest rate on euro, Canadian and Australian dollar deposits under FCNR (B) scheme has also been hiked.

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