Financial Daily from THE HINDU group of publications
Friday, Aug 29, 2003
Financial Daily from THE HINDU group of publications Friday, Aug 29, 2003 |
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Money & Banking
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Interest Rates Andhra Bank hikes NRE interest rates Our Bureau
Hyderabad , Aug. 28 ANDHRA Bank has decided to marginally increase interest rates on term deposits under non-resident (external) rupee accounts (NRE). In a press release here on Wednesday, the Andhra Bank General Manager, Mr A.L. Nageswara Rao, said the new rates would come into effect from September 1. As against an existing interest rate of 3.7 per cent for the tenure of one year to less than two years, the bank now proposes to offer 3.8 per cent. Similarly, for two years to less than three years, the bank would offer an interest of 4.3 per cent as against the existing 4.1 per cent. In the case of three years tenure, an interest of 5 per cent would be paid (4.7 per cent), the bank said.
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