PNB, Union Bank, OBC revise rates on non-resident deposits

Public sector lenders, Punjab National Bank (PNB), Union Bank of India (UBI) and Oriental Bank of Commerce (OBC) revised their deposit rates on FCNR accounts (foreign currency non-deposit accounts) with maturity of one-five years from today.

As per the revised rates announced by Union Bank, the deposit rates have been revised downwards by 4-12 basis points on one-five year maturity in dollar-denominated accounts.

Similarly, rates have also been revised for FCNR accounts in the euro, pound, Australian and Canadian dollars among others.

This is the second revision of deposit rates by the bank on FCNR accounts after September.

PNB and OBC have also revised their deposit rates on FCNR accounts on one to five year maturities effective from today.

Accordingly, the rates have been revised downwards by 4-12 basis points on the dollar denominated accounts. Earlier, country's largest lender-SBI and Central Bank of India had also revised rates effective from September.