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Informist, Thursday, Jun. 18, 2026

MUMBAI – Punjab & Sind Bank has raised interest rates on dollar-denominated foreign currency non-resident bank deposits by 320-330 basis points to 6.70-6.80% on three- to five-year tenures, according to the bank's website. The new rates have already taken effect as of Monday.

 

The lender reduced interest rates on FCNR(B) deposits for tenures of two to three years by 10 bps to 3.65%. It also reduced interest rates on FCNR(B) deposits with one- to two-year tenure by 40 bps to 5.10%.

 

Punjab & Sind has followed the rest of the banking industry in raising deposit rates for non-residents after the Reserve Bank of India announced a concessional swap facility earlier this month to attract foreign-currency deposits. On Wednesday, the RBI temporarily withdrew the interest rate ceiling on such deposits.

 

For the March quarter, Punjab & Sind Bank reported a net profit of INR 4.22 billion on a total income of INR 34.57 billion. Thursday, the bank's shares ended at INR 25.15 on the National Stock Exchange, down 1.3% from the previous session.

 

Punjab & Sind's FCNR(B) deposit rates for various tenures are as follows:

 

Tenure	Revised rate (%)	Previous Rate (%)
One year to less than two years	5.1	5.5
Two year to less than three years	3.65	3.75
Three year to less than four years	6.7	3.5
Four year to less than five years	6.75	3.5
Five years	6.8	3.5

 

End

 

US$1 = INR 94.33

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Durgesh Nandan

Edited by Saji George Titus

 

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