The Hindu Business Line : Allahabad Bank raises FCNR, NRE deposit rates

ALLAHABAD Bank has revised upward the interest rates on Foreign Currency Non-Resident (FCNR) deposits and Non-Resident (External) Rupee (NRE) Term deposits. The revised rates came into force from May 7.

The revised rates for FCNR deposits in dollars are: 1.64 per cent (earlier 1.5 per cent) for the period from one year to less than two years, 2.49 per cent (2.35 per cent) for two years to less than three years and 3.12 per cent (2.94 per cent) for three years.

In case of British pound deposits, the new rates are 4.62 per cent (4.52 per cent), 4.82 per cent (4.69 per cent) and 4.94 per cent (4.81 per cent) for the respective maturities.

For Euro deposits, the The revised rates for NRE Term Deposits are 1.89 per cent (1.6 per cent) for one year to less than two years, 2.74 per cent (2.33 per cent) for two years to less than three years and 3.37 per cent (2.93 per cent) for three years.

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Allahabad Bank raises FCNR, NRE deposit rates