PNB raises interest rate on NRE term deposits
December 27th, 2011 - 6:03 pm ICT by IANSMumbai, Dec 27 (IANS) The Punjab National Bank (PNB), the country’s second largest public sector lender, Tuesday said it will hike interest rates on non-resident external (NRE) accounts to 9.25 percent - effective from the beginning of next year.
The bank has decided to increase the rate of interests on NRE term deposit to 9.25 percent for period ranging from 1 year to 5 years with effect from Jan 1, 2012, PNB said in a statement.
Most other lenders have also hiked interest rates on NRE deposits.
Last week, HDFC Bank hiked interest rates on NRE deposits of various maturities period up to 9 percent.
Allahabad Bank has hiked rates to 7.5 percent. IndusInd Bank has hiked rates to 9.25 percent and Yes Bank hiked rates to 9.6 percent.
The existing interest rates on term deposits of most of the banks are in the range of 3-4 percent.
Lenders have hiked rates in a bid to attract deposits from NRIs amid rising interest rates on domestic deposits.
- SBI, PNB hike interest rate on NRE term deposits (Lead) - Dec 27, 2011
- Bank of India raises interest rates on NRE term deposits - Dec 29, 2011
- PNB, Allahabad Bank hike lending, deposit rates - Jul 29, 2011
- Union Bank hikes lending rate by 50 bps - Dec 27, 2010
- Banks lower interest rates taking cues from RBI policy - Apr 19, 2012
- SBI, Allahabad Bank cut interest rates - Apr 23, 2012
- PNB raises base rate by 50 bps, deposit rates by 25-50 bps - Sep 30, 2010
- Union Bank raises base rate by 50 bps to 8.5 percent - Oct 15, 2010
- SBI hikes deposit rates by 25-75 bps, keeps base rate steady - Sep 30, 2010
- SBI hikes lending rates, EMIs to rise - Jul 07, 2011
- IndusInd Bank quarterly net profit rises 30.5 percent - Apr 19, 2012
- Interest rates on provident fund, post office savings hiked - Nov 11, 2011
- Union Bank raises interest rates - Dec 18, 2010
- ICICI Bank hikes lending, deposit rates - Dec 04, 2010
- SBI raises lending, deposit rates; loans to get costlier - Aug 16, 2010
Tags: banks, domestic deposits, interest rate, lenders, maturities, nre accounts, nris, public sector, punjab national bank, rising interest rates, term deposits