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FCNR, NRE deposit rates hiked

Nov. 17

State Bank of India, ICICI Bank and The State Bank of Travancore have hiked NRE and FCNR term deposit rates up to 75 basis points, with immediate effect, according to press releases by the banks. They are the first banks to announce a hike in interest rates on NRE term deposits after the RBI increased the ceiling on NRE and FCNR deposit rates, on November 15. In a move to attract more foreign funds, the Reserve Bank of India increased the ceiling on foreign currency term deposits by 75 basis points to Libor/Swap rates plus 100 basis points and on NRE term deposits to Libor/Swap plus 175 basis points. - Our Bureaus

Related Stories:
2 banks cut FCNR, NRE deposit rates
Indian Bank cuts FCNR (B), NRE term deposit rates
Union Bank trims FCNR (B), NRE deposit rates

More Stories on : Fixed Deposits | Interest Rates | NRIs | State Bank of India | ICICI Bank Ltd

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