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PNB cuts rates on FCNR (B) deposits

Our Bureau

NEW DELHI, Dec. 8

PUNJAB National Bank (PNB) has reduced the interest rates on the Foreign Currency Non-resident (Banks) scheme for dollar and pound deposits by 25 to 35 basis points with effect from December 9.

The rate for dollar deposit for a one year to less than two year is 6.25 per cent and for two years to three years is 6.50 per cent.

Pound deposits will earn 5.50 per cent for one year to less than 2 years, 5.75 per cent for 2 years to less than 3 years and 5.90 per cent for 3 years.

There is however, no change in interest rates on German duetsche marks and euro-denominated FCBR (B) deposits where the prevailing rates range between 3.75 per cent and 4.25 per cent for various maturities.