The Hindu Business Line : Lakshmi Vilas Bank cuts NRE deposit rates

According to a release, the interest rate on FCNR (B) $ deposits for 1-2 years has slipped from 5.18 per cent to 4.99 per cent, for 2-3 years to 4.8 per cent (5.1), for 3-4 years to 4.73 per cent (5.05) and 4-5 years to 4.72 per cent (5.05).

The rate of interest on NRE deposits with a maturity slab of 1-2 years has dropped to 5.74 per cent (5.93), for 2-3 years to 5.55 per cent (5.85) and for deposits beyond 3 years to 5.48 per cent (5.8). On $ deposits under the RFC scheme, the rate remains unchanged at 4.9 per cent for periods between one and six months and 6 months to less than a year.

However, for deposits with maturity period of one year, the rate has been revised to 4.8 per cent against the earlier level of 5 per cent.

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