The Hindu Business Line : More banks hike NRE deposit rates

Punjab National Bank has increased interest rates on its foreign currency non-resident (banks) deposit scheme from May 1. The increase is applicable in respect of dollar, pound, euro, Australian dollar and Canadian dollar deposits.

The bank has also increased interest rates on non-resident (external) deposits. A statement issued by the bank said the applicable rate of interest on NRE term deposits for May 2006 is 6.30 per cent for maturities of 1 year to less than three years and 6.40 per cent for maturities of 3 years to 5 years.

Punjab & Sind Bank has hiked the interest rates on FCNR and NRE deposits with effect from May 1.

The bank said that interest on NRE term deposits have been hiked from 6 per cent to 6.33 per cent for maturities of 1 year to less than three years and from 6 per cent to 6.35 per cent for 3 years.

Karur Vysya Bank has increased interest rates on FCNR deposits across all slabs and currencies from May 1.

The rate hike has been the highest at 12 basis points on FCNR dollar deposits with a tenure of five years at 5.43 per cent (5.31 per cent).

Karnataka Bank has increased interest rates on NRE deposit scheme with effect from May 1. The rates have been increased to 6.33 per cent (6.29 per cent) on maturities of one year to less than two years; 6.34 per cent (6.29 per cent) on maturities of two years to less than three years

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Do the rich locomote the global economy?

Andhra Bank Q4 net at Rs 139 cr

South Indian Bank net zooms

HDFC net up 23 pc in Q4

Standard Life stake sale to Citi okayed

Hyderabad all set for ADB meet

OBC wants 10-year cap on deposits lifted

Bank of India, Andhra Bank hike PLR rates

More banks hike NRE deposit rates