July 3

ICICI Bank said it has raised the interest rates on rupee and foreign currency-denominated deposits held by non-residents. The new rates take effect immediately, the bank said in a statement. It didn't say what prompted the revision in rates. The move covers deposits held by non-residents in dollars, pounds, euros and the yen. It increased the interest rate on dollar-denominated deposits maturing within 12 to 24 months by 26 basis points to 5.69 per cent and those maturing in five years by 21 basis points to 5.72 per cent. Non-residents' rupee deposits maturing between 12 and 36 months now fetch 27 basis points more at 6.70 per cent and those that mature within three to 10 years by 25 basis points to 6.70 per cent.

Karnataka Bank

Karnataka Bank Ltd has increased interest rates on its NRE deposit scheme with effect from July 1. A bank release said here on Monday that the bank has increased interest rate to 6.70 per cent on all maturities ranging from one year to five years. Earlier, the interest rate was 6.43 per cent for NRE deposits of one year to less than two years and of two years to less than three years, and 6.45 per cent for deposits of three years to five years, the release added.

Karur Vysya Bank

Karur Vysya Bank (KVB) has increased interest rates on FCNR deposits across all slabs and currencies from July 1. On FCNR dollar deposits, the rates in the one to two year period have gone up by 26 basis points to 5.69 per cent (5.43 per cent). The NRE rupee deposit would henceforth attract 6.70 per cent across all slabs compared to the earlier rate of 6.40 per cent for deposits below three years and 6.50 per cent for above three -year slab.

Central Bank of India

Central Bank of India has raised interest rates on NRE and FCNR(B) deposits across all maturities, except deposits in Euro, with effect from July 1. Interest rates on NRE deposits for one year to less than two years and for two years to less than three years have gone up to 6.7 per cent from 6.4 per cent and for three years is 6.7 per cent from 6.5 per cent. .

(This article was published in the Business Line print edition dated July 4, 2006)
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