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ICICI Bank hikes NRE deposit rates

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Our Bureau

Mumbai, Oct. 3

ICICI Bank increased the interest rates on its NRE savings, NRE fixed deposits and FCNR deposits. The rates on NRE savings accounts were last revised in July, while the rates for the NRE fixed deposits and FCNR deposits were revised in September, a press release from the bank said.

The interest rates on NRE savings have been increased by 52 basis points (bps) from 3.71 per cent to 4.23 per cent.

The interest rates on NRE fixed deposits have been increased by up to 20 bps for various maturities, while the rates on FCNR deposits have been increased by 21 bps for various maturities.

In the case of NRE fixed deposits, the rate for deposits of 12 months-18 months has been increased to 4.94 per cent from 4.74 per cent; for 18-24 months the rate has been increased to 5.02 per cent from 4.84 per cent; for 24-36 months the rate has been increased to 5.1 per cent from 4.95 per cent; and for 36-120 months to 5.12 per cent from 4.99 per cent.

(This article was published in the Business Line print edition dated October 4, 2005)
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