PNB hikes interest on fixed deposits

The Punjab National Bank (PNB) has hiked interest rates on fixed deposits under different maturity periods with effect from December 26, 2006, PNB zonal manager S P Singh said.

The interest rates are as follows: Eight percent for five years and above; 7.50 percent for one year to less than three years; Seven percent for 180 days to less than one year.

For bulk deposits, PNB offers eight percent interest for deposits of Rs 15 lakh to Rs 5 crore for periods of one year to less than two years. For deposits over Rs 5 crore, the bank offers higher rates of interest depending on the size and period of deposits.

For NRI deposits, the PNB is offering 6.33 percent for NRE deposits for one year. FCNR deposits in US dollars gets 5.33 percent, in GBP - 5.58 percent, Euro - 4.02 percent, CAD - 4.24 percent and AUD - 6.62 percent for a year. PNB offers housing loans at 9 percent for five years repayment, 9.25 percent for 10 years and 9.50 percent for 20 years.

//Source: newindpress.com