The Hindu Business Line : Corpn Bank hikes NRE, FCNR (B) rates

Corporation Bank has increased the rate of interest offered on NRE term deposits and FCNR (B) deposits with effect from November 1. A bank release said here that the interest rate on NRE term deposits has been revised to 6.34 per cent per annum for tenure of one year to less than two years, 6.17 per cent (6.09 per cent) for two years to less than three years, and 6.11 per cent (6.01 per cent) for three years to 10 years.

In the case of FCNR(B) deposits the interest rate on dollar deposits for tenure of one year to less than two years is 5.34 per cent, for two years to less than three years is 5.17 per cent (5.09 per cent), for three years to less than four years is 5.11 per cent (5.01 per cent), for four years to less than five years is 5.11 per cent (5.01 per cent) and for a period of five years only it is 5.12 per cent (5.04 per cent). The above revised interest rates are applicable only to newly opened and renewed deposits with effect from November 1, 2006, until further orders, the release added.

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