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CHENNAI: Several banks have hiked interest rates on FCNR and NRE term deposit rates.

The banks include Dena Bank, State Bank of Hyderabad, Dhanalakshmi Bank and Tamilnad Mercantile Bank.

The increase in deposit rates is followed by the recent hike in the US Federal discount rate to 5 per cent from 4.75 per cent signalling a hardening of interest rates globally.

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