Financial Daily from THE HINDU group of publications
Thursday, Jul 15, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 15, 2004 |
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Money & Banking
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Fixed Deposits Corpn Bank cuts interest rates on FCNR(B) deposits Our Bureau
Mangalore , July 14 CORPORATION Bank has reduced interest rates offered on FCNR(B) deposits with effect from July 14. A bank release said here on Wednesday that interest rate on the dollar is 2 per cent per annum (previously 2.09 per cent) for a period of one year to less than two years, and 2.70 per cent (2.83 per cent) for a tenure of two years to less than three years. The rate for three years only is 3.20 per cent (3.34 per cent). It said the interest rate on the euro is 2.08 per cent (2.11 per cent) for a tenure of one year to less than two years, and 2.52 per cent (2.54 per cent) for two years to less than three years. For three years only, it is 2.86 per cent (2.90 per cent). Interest rate on Great Britain Pound for one year to less than two years is 4.99 per cent (5.00 per cent), and for two years to less than three years is 5.08 per cent (5.06 per cent). The rate for three years only is 5.16 per cent (5.14 per cent). Interest rates on RFC deposits have also been revised accordingly, the release added.
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