Business Daily from THE HINDU group of publications
Friday, Aug 04, 2006
Business Daily from THE HINDU group of publications Friday, Aug 04, 2006 |
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Money & Banking
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Interest Rates Industry & Economy - NRIs SBH prunes NRE rates Our Bureau
The State Bank of Hyderabad (SBH) has announced a revision, mostly downward, in interest rates on NRE, FCNR (B) and RFC term deposits effective August 1. In a press release here on Wednesday, the bank said the rates on NRE term deposits were changed to 6.54 per cent from 6.7 per cent for 1-2 years, to 6.44 per cent (6.7 per cent) for 2-3 years and to 6.42 per cent (6.7 per cent) for 3-5 years of tenure. For RFC term deposits in US dollars, the bank has slashed the rates to 5.54 per cent (5.69 per cent) for 1-2 years, to 5.44 per cent (5.69 per cent) for 2-3 years and to 5.42 per cent (5.68 per cent) for 3 years. The FCNR (B) rates are for 1-2 years 5.54% (5.69%), 5.04% (5.01%) and 3.55% (3.52%) for US $, GBP and euro respectively.
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