Calcutta, Dec. 2: Banks are revising downwards their interest rates on foreign currency non-resident (FCNR-B) deposit schemes.

Punjab National Bank today revised the rates on its FCNR-B deposit scheme for five currencies — the US dollar, British pound, euro and the Canadian and Australian dollar — with effect from December 1.

Allahabad Bank has also revised rates on FCNR-B deposits for six designated currencies — the US dollar, British pound, euro, Japanese yen, Canadian and Australian dollar.

PNB has revised the interest rate on US dollar deposits to 5.24 per cent for maturity of one year to less than two years and to 5 per cent for a maturity of two years to less than three years.