In line with increasing interest rates, Punjab National Bank announced hike in fixed deposits rates for non-residents denominated in rupee and foreign currencies by up to 10 basis points.
Interest rates on non-resident external rupee term deposit for two years to less than three years has been upped from 2.51 per cent to 2.60 per cent and for three years to five years from 2.79 per cent to 3.09 per cent.
Similarly for foriegn currency non-resident (B) deposits hike has been made for deposits in US dollar, pound sterling, euro, Australian dollar and Canadian dollar.
The hike in deposit rates for non-residents by PNB came in the wake of major lenders announcing increase in deposit rates.
Major lenders, including State Bank of India (SBI), ICICI Bank and HDFC Bank, had raised their deposit rates by up to one percentage point.
With inflation at 7.48 per cent in November and food inflation expected to increase it further in December, deposit rates in India are in fact not giving much returns adjusted for the rate of price rise.
In fact, RBI has been asking banks to raise deposit rates, to more people in parking their funds with banks.
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