PSU Bank Hikes Dollar FD Rates by 5-45 Bps In Various Tenures; Check Latest Interest Rates Here

Government-owned Punjab National Bank (PNB) has raised interest rates on Foreign Currency Non-Resident Account (FCNR) deposits in the range of 5 basis points to 45 basis points with effect from August 1, 2023.

FCNR deposits in dollar terms have seen a rise across tenures, however, the lender trimmed rates on several maturities in other foreign currencies. These deposits are for less than Rs 1 million.

Here are the latest PNB FCNR deposits interest rates from August 1, 2023:

USD:

The highest hike is 45 bps on 1-year to less than 2 years tenure to 5.76% from earlier 5.31% on FNCR deposits in USD.

FCNR rate is raised by 15 bps to 4.46% on 2 years to less than 3 years tenure from earlier 4.31%. The rate is kept unchanged on FNCR in USD on 3 years to less than 4 years tenure, while hiked by 5 bps to 4.36% on 4 years to less than 5 years tenure from earlier 4.31%. FNCR rate is increased by 10 bps on the highest tenure of 5 years only to 4.41% from earlier 4.31%.

GBP:

FCNR deposits in British pound sterling was hiked by 32 bps to 4.75% from earlier 4.43% on 1 year to less than 2 years tenure.

However, from 2 years to 5 years tenure, the FCNR rate has been trimmed by 23 bps to 33 bps.

Tenures like 2 years to less than 3 years will have an FNCR rate of 2.35% from earlier 2.68% with effect from August 1; while from 3 years to 5 years, the rate will be 2.45% each from the previous 2.68% each.

EUR:

FCNR rate in Euros has been reduced by 40 bps to 65 bps from August 1.

The FCNR rate on 1 year to less than 2 years tenure is 1.5% from the earlier 2.15%, while the rates are 1.50% each on tenures from 2 years to 5 years compared to the earlier rate of 1.90%.

Japanese Yen (JPY):

On 1 year to less than 2 years tenure, FCNR in JPY currency is raised to 0.02% from earlier 0.00%, while the rate is hiked to 0.05% on tenures from 2 years to 5 years from the previous 0.00%.

Canadian Dollar (CAD):

Here, PNB has raised FCNR rates by 5 bps to 25 bps on tenures varying from 1 year to less than 4 years. The tenures above 4 years saw a reduction in the FCNR rates.

PNB is offering 4.30% on 1 year to less than 2 years from earlier 4.05%, while the rate is 4.10% on 2 years to less than 3 years tenure from earlier 4.05%. Finally, the rate is 3.85% on 3 years to less than 4 years tenure from earlier 3.75%.

However, the rates dipped by 5 bps to 3.75% on 4 years to less than 5 years tenure from earlier 3.85. And the rate is contracted by 15 bps to 3.60% on 5 years tenure from an earluer 3.75%.

Australian Dollar (AUD):

The leading PSU Bank is offering 3.63% on 1 year to less than 2 years tenure from earlier 3.40%, hiking by 25 bps. Also, the rate increased by 38 bps to 3.53% in 2 years to less than 3 years from the previous 3.15%.

From 3 years to 5 years tenure, the FCNR rate is trimmed by 12 bps to 3.03% each from the previous 3.15% each.