The Hindu Business Line : Canara Bank trims dollar deposit rates

Canara Bank has revised the interest rates for foreign currency non-resident deposits (banks) for American dollars across all maturities effective from today, in line with soft global interest rates.

However, the bank has hiked the deposit rates on euro-denominated deposits between two and five years. According to a bank release, the new rate for one-year US dollar deposits is 5.24 per cent, down 10 basis points over the previous rate.

For five-year deposits the rates have been dropped by 22 basis points to 4.90 per cent.

This was indicative of the shifting preference for shorter term US $ deposits.

This was also in line with the inversion in the international US dollar deposit rates.

Dollar yields are currently inverted. Three-month yields are 5.02 per cent, whereas 10-year yields are 4.5 per cent.

Euro-denominated deposits for one-year term will continue to fetch 3.86 per cent, unchanged from last month. But for five-year euro deposits, the rates have been reset higher at 3.88 per cent or about five points more than the previous rate.

More Stories on : Fixed Deposits | NRIs | Public Sector Banks

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

Stories in this Section
Rupee firms up

Citibank opens biometric ATMs

No more deposits, Margadarsi told

LIC Ernakulam division retains top spot in South

Bond prices remain flat

`L&T stake will improve City Union Bank's image'

Corporation Bank joins BSE as clearing bank

T-Bill auction

Call rate remains unchanged

Global Visa cardholders spent Rs 6,000 cr

Canara Bank trims dollar deposit rates

Lakshmi Vilas lowers NRE deposit rates

`Fuel price cut to impact inflation'