PNB announced a cut in interest rate on Foreign Currency Non- Resident deposit schemes for dollar, British pound and euro effective from 1st January.

The interest rate on US dollar deposits has been slashed to 3 percent for a maturity of 1-2 years from 3.77 percent. For the maturity of 2-3 years, the rate is revised to 2.44 percent against 3.12 percent, PNB said in a

Rate of are set to fall by up to five percentage points in the next six months as inflation is moving towards zero level, a situation that will make India a low-cost economy and a winner globally, ICICI Bank CEO and Managing Director K V Kamath said.

"All I can say is that four-to-five percentage point’s correction in interest rates from where it is today...This correction, I think, will be by July...This is where the interest rates are tending in six months