The Hindu Business Line : More banks hike FCNR, NRE deposit rates

The revision though has been negligible under the NRE and RFC deposit scheme. The interest rate for FCNR (B) dollar deposit has been raised to 5.34 per cent (5.3 per cent) for maturity period of 1-2 years; 5.17 (5.09) per cent for 2-3 years; 5.11 (5.01) for 3-4 year and 4-5 year period; and to 5.12 (5.04) per cent for 5-year deposit.

The NRE deposit rate has been revised to 6.34 (6.3) per cent for 1-2 year period and to 6.17 (6.1) per cent for 2-3 years.

South Indian Bank has revised interest rates for NRE rupee accounts of one-year maturity to 6.34 per cent (6.3 per cent), two years to 6.17 per cent (6.09 per cent) and three years to 6.11 per cent (6.01 per cent).

The bank has also enhanced FCNR dollar interest rates to 5.34 per cent (5.30 per cent) for one year, 5.17 per cent (5.09 per cent) for two years and 5.11 per cent (5.01 per cent) of three-year maturity.

The FCNR rates for British pound were revised to 5.44 per cent (5.27 per cent) for one-year maturity, 5.37 per cent (5.18 per cent) for two years and 5.33 per cent (5.13 per cent) for three years.

For euro, the bank announced interest rates of 3.86 per cent (3.71 per cent) for one-year tenure, 3.94 per cent (3.78 per cent) for two years and 3.94 per cent (3.77 per cent) for three years. The interest rate revision is effective from November 1, the bank said in a press release.

Central Bank of India has hiked NRE and FCNR deposit rates. For FCNR (B) deposits in US dollars, rates have been revised to 5.34 per cent (5.3 per cent) per annum for maturity of one year to less than two years and for maturity of two to less than three years it is 5.17 per cent (5.1 per cent). For deposits with maturity of five years, the rates have been raised to 5.12 per cent (5.04 per cent).

In the case of NRE deposits, the rates have been increased to 6.34 per cent (6.3 per cent) for maturity of one year to less than two years; and for deposits with maturity of two and less than three years, it is 6.17 per cent (6.1 per cent).

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