The Hindu Business Line : More banks hike NRE, FCNR deposit rates

From November 1, UCO Bank revised upwards the interest rates on NRI deposits. For NRE term deposits, for the periods from one year to less than two years, two years to less than three years, three years and above, the revised rates are 6.34 per cent, 6.16 per cent, and 6.11 per cent, respectively.

For FCNR(B) deposits, the revised rates for the periods from one year to less than two years, two years to less than three years, three years to less than four years, four years to less than five years and five years are 5.34 per cent, 5.16 per cent, 5.11 per cent , 5.11 per cent and 5.12 per cent respectively in US dollar.

Karur Vysya Bank (KVB) has revised upwards the interest rates on FCNR deposits by 5 to 20 basis points across all slabs and currencies with effect from this month.

The new interest rates for deposits in $ for different maturity periods is as under (rates in percentage, old rates in brackets): 1-2 years 5.34 (5.29); 2-3 years 5.16 (5.08); 3-4 years 5.11 (5.01); 4-5 years 5.10 (5.01); 5 years only 5.12 (5.04).

For NRE (Rupee) deposits, the revised interest rates are : 1 year to below 2 years 6.34 per cent (6.30); 2 years to below 3 years 6.17(6.09) and above three years 6.11(6.01).

State Bank of Travancore (SBT) has raised the interest rates for FCNR and NRE term deposits with effect from November 2.

The revised interest rates for NRE deposits are: 6.34 per cent for a period of one year to less than two years; 6.17 per cent for two years to less than three years; and 6.11 per cent for three years to five years, according to a statement from the bank.

The interest rates for FCNR deposits in US dollars will be 5.34 per cent for a period of one year to less than two years; 5.17 per cent for two years to less than three years; 5.11 per cent for three years to less than five years; and 5.12 per cent for five years.

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