The Hindu Business Line : Banks hike NRI deposit rates

Federal Bank and South Indian Bank have raised the interest rates for foreign currency and rupee deposits by non-residents. This would be effective from November 16.

Federal Bank has hiked FCNR deposit rates by 0.75 per cent and one-two year NRE deposits would command 4.92 per cent, year deposits 4.41 per cent and ‘three years and above’ 4.89 per cent. South Indian Bank’s rate revisions also take effect from Novemebr 16. The rates on FCNR dollar deposits have been hiked to 4.17 per cent (3.42 per cent) for one-two year maturity, 3.66 per cent (2.91 per cent) for two-three years, 4.14 (3.39 per cent) for three-four years and 4.76 per cent (4.01 per cent) for five years. Indian Overseas Bank has revised interest rates on NRE term deposits with effect from November 16. For deposits of one year and less than two years, the bank is now offering 4.92 per cent compared to 4.17 per cent earlier. For two years to less than three years, the rate is increased to 4.41 per cent.

Corporation Bank has increased the rate of interest on NRE term deposits with effect from November 16. A bank release said that the interest rate on NRE term deposits has been increased to 4.92 per cent (4.17 per cent) for tenure of one year to less than two years, 4.41 per cent (3.66 per cent) for tenure of two years to less than three years, and 4.89 per cent (4.14 per cent) for three years to 10 years.

Allahabad Bank has also raised FCNR and NRE deposit rates with effect from November 16.

More Stories on : Fixed Deposits | NRIs | Interest Rates

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