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Our Bureau

Mumbai , Nov. 4

ICICI Bank, IDBI Ltd and Bank of Baroda have hiked the interest rates on their NRE and FCNR deposits by over 20 basis points (bps).

While the former two have hiked rates with effect from November 1, Bank of Baroda has hiked it from November 4.

IDBI Ltd has increased the interest rate on the one-year NRE FD by 28 basis points to 5.23 per cent (4.95 per cent) and on the three-year NRE FD by 30 basis points to 5.4 per cent from (5.1 per cent).

On FCNR front, the bank has raised the interest rate on the one-year FD in dollars by 26 bps to 4.47 per cent (4.21 per cent) and on the five-year deposit has been raised by 30 bps to 4.7 per cent (4.4 per cent).

Our Bangalore Bureau reports: Canara Bank has hiked the interest rates on foreign currency non-resident deposits. The bank also raised non-resident rupee deposit rates by 30 basis points across all maturities.

Our Thiruvananthapuram Bureau reports: State Bank of Travancore (SBT) has increased the interest rates on FCNR and NRE term deposits with effect from November 4, 2005.

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