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PNB revises FCNR(B) deposits interest rate

An FCNR account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency.

October 01, 2013 1:57 IST | India Infoline News Service
Punjab National Bank has revised the interest rates on FCNR(B) Deposits from October 01, 2013.

An FCNR account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency.

Recently the Reserve Bank of India (RBI) announced several measures to stabilize the Indian Rupee against the US Dollar. Among them was a swap deal on FCNR deposits where the RBI has opened a window to the banks to swap fresh FCNR dollar funds, mobilised for a minimum term of three years at a fixed rate of 3.5% per annum for the tenor of the deposit. The swap window will be open until November 30, 2013.

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