State-owned Punjab National Bank (PNB) has announced revised interest rates on its Foreign Currency Non-Resident (Bank) [FCNR(B)] deposit accounts, offering Non-Resident Indians (NRIs) returns of up to 6.60% per annum on select deposits.
The bank said the FCNR(B) scheme allows NRIs to maintain deposits in foreign currencies while earning competitive returns and enjoying full repatriability of both principal and interest. The deposits are available in major foreign currencies, including the US dollar, British pound, euro, Canadian dollar and Australian dollar.
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Under the revised rates, deposits of USD and GBP can earn up to 6.50% annually for deposits below $1 million, while deposits of $1 million and above can earn up to 6.60%. Interest rates for euro deposits go up to 5.05%, while Canadian dollar and Australian dollar deposits offer returns of up to 5.00% and 5.60%, respectively.
PNB's FCNR(B) deposits also offer several key benefits, including a one-year lock-in period and full repatriability of both principal and interest, making them an attractive investment avenue for NRIs seeking stable returns while maintaining flexibility in managing their overseas earnings.