The Hindu Business Line : More banks cut rates on FCNR deposits

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Mumbai Feb.4 Bank of Baroda and Union Bank have cut interest rates on foreign deposits of various maturities, effective February 1. The interest rate on BOB's NRE term deposits has been slashed to 5.93 per cent (6.33) for a tenure of one year and above but less than two years, 5.85 per cent (6.16) for two years and above but less than three years and 5.80 per cent (6.08) for deposits of three years and above but less than three years, four years and above but less than five years and five years.

For FCNR (B) deposits in US dollars, the interest rates have been reduced to 5.18 per cent (5.33) for one year to less than two years, 5.10 per cent (5.16) for two years to less than three years, 5.05 per cent (5.08) for three years to less than four years, 5.05 per cent (5.07) for four years to less than five years and 5.06 per cent (5.09) for five years.

The interest rate on Union Bank's NRE term deposits have been cut to 5.93 per cent (6.33) for a tenure of one year and above but less than two years, 5.85 per cent (6.16) for two years and above but less than three years and 5.80 (6.08) for three years and above.

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