Punjab National Bank (PNB) has increased the rates of interest offered on Non-Resident Indian deposits wef June 1.

The interest rate on dollar denominated deposits under the foreign currency non-resident (banks) scheme has been increased from 4.55 per cent to 4.64 per cent for maturity of 1 year to less than 2 years, from 4.31 per cent to 4.57 per cent for 2 to less than 3 years, from 4.26 per cent to 4.55 per cent for 3 to less than 4 years, from 4.26 per cent to 4.55 per cent for 4 to less than five years and from 4.29 per cent to 4.57 per cent for five years maturity only.

PNB has also altered (upwards) the interest rates on FCNR (B) deposits denominated in euros, British pounds, Australian dollar and Canadian dollar.

The rate of interest on Non-Resident (External) term deposits has been boosted from 5.3 per cent to 5.39 per cent for maturities of 1 year to less than 2 years. Correspondingly, the interest rate on NRE deposits with maturities of 2 years to less than 3 years has been raised from 5.06 per cent to 5.32 per cent and for 3 to 5 years, from 5.01 per cent to 5.3 per cent.