The Hindu Business Line : Banks hike NRE, FCNR (B) rates

MUMBAI: Dena Bank and Central Bank of India have increased the interest rates on NRE and FCNR (B) deposits. Bank of Baroda has raised the rates on FCNR (B) deposits in six currencies.

Dena Bank has increased the rates on NRE term deposits to 5.7 per cent (5.6 per cent).

Central Bank of India has increased the rates on NRE term deposits on different maturities to 5.69 per cent (5.67 per cent).

Bank of Baroda has increased the rates on FCNR (B) deposits in dollars of one to less than two years maturity to 4.72 per cent (4.64 per cent), two to less than three years to 4.47 per cent (4.39 per cent), three to less than four years to 4.48 per cent (4.44 per cent), four to less than five years to 4.61 per cent (4.41 per cent) and five years and above it has been reduced to 4.44 per cent (4.46 per cent).

COIMBATORE: The Karur-based Lakshmi Vilas Bank (LVB) and Karur Vysya Bank (KVB) have hiked the FCNR and NRE rates across all slabs and for all currencies from February 1.

While the rate hike in KVB ranges between 10 basis points and 17 basis points, at LVB it ranges from a minimum of 6 basis points to a maximum of 17 basis points.

KVB has hiked the dollar deposit rate by 10 basis points for the four slabs in the one to five year period from 4.62 per cent to 4.72 per cent and for deposits with tenure of 1 to 2 years and 2 to 3 years as well.

For 3-4 years, 4-5 years and 5 years, the rates are 4.73 per cent, 4.74 per cent and 4.75 per cent respectively.

LVB has hiked the rate from 4.64 per cent to 4.70 per cent for deposits with tenure of one to 2 years, while remaining at 4.69 per cent (4.61 per cent) for tenure between 2 and 4 years. The 4-5 year deposit will now fetch an interest of 4.70 per cent, while the five-year deposit would carry an interest of 4.72 per cent.

The interest rate on the NRE (rupee) deposit is marginally higher at 5.71 per cent for tenure of 1-2 years at KVB, as against 5.70 per cent in LVB.

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