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PNB cuts NRE, FCNR(B) rates
NEW DELHI:
Punjab National Bank slashed interest rates by 15-30 basis points on non-resident (NRE) rupee deposits and foreign currency bank deposit schemes (FCNR-B). In the case of NRE term deposits, the interest rate has been revised downward from 4.40 per cent to 4.20 per cent for one-two years, from 4.80 per cent to 4.50 per cent for two-three years and from 5 per cent to 4.70 per cent for maturities of three years only, the bank said in a release. The interest on NRE savings accounts will be 3.40 per cent from April-June 2005. In the case of FCNR-B deposits, the rate of interest on dollar deposits has been revised downward from 3.60 per cent to 3.45 per cent for one-two years, 4.01 per cent to 3.77 per cent for two-three years and from 4.21 per cent to 3.92 per cent for maturities of three years.
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