The Hindu Business Line : Banks trim NRE rates

State Bank of India and Union Bank of India have revised interest rates on FCNR (B) deposits effective April 1, with Bank of Baroda following from April 3. Union Bank of India and Bank of Baroda have also revised interest rates on NRE deposits. In case of FCNR (B) deposits, the interest rates on dollar deposits of various tenures are: one-to-less than two years 4.97 per cent (4.99 per cent), two-to-less than three years 4.77 per cent (4.80 per cent), three-to-less than four years 4.71 per cent (4.73 per cent), four-to-less than five years 4.72 per cent (4.72 per cent) and for five years it is 4.76 per cent (4.74 per cent).

For NRE deposits, following are the interest rates: one-to-less than two years 5.72 per cent (5.74 per cent), two-to-less than three years 5.52 per cent (5.55 per cent), three-to-less than four years 5.46 per cent (5.48 per cent), four to less than five years 5.46 per cent (5.48 per cent) and five years 5.46 (5.48) for both Bank of Baroda and Union Bank of India.

More Stories on : Fixed Deposits | NRIs | Interest Rates | Public Sector Banks

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