Money & Banking

More banks hike NRE deposit rates

Our Bureau Mumbai | Updated on March 12, 2018 Published on December 22, 2011






To reach out Non-Resident Indian customers, YES Bank has raised the interest rates on its NRE and NRO accounts by 200 bps to 6 per cent for balances up to Rs 1 lakh and by 300 bps to 7 per cent for over Rs 1 lakh balance.



Dhanlaxmi Bank



Dhanlaxmi Bank also announced an increase in interest rates on NRE rupee term deposits with effect from December 26, 2011. For term deposits with maturity period of one year and above but below three years, the bank will offer 8 per cent, against the current 3.82 per cent. While interest rate for deposits between three years and 10 years, the rate has been hiked to 7.75 per cent, the bank said in a press release.

Allahabad Bank

Allahabad Bank plans to hike interest rates on NRE term deposits on various tenors effective December 26. The revised rates of interest on various time periods are as follows: one-to-less than two years, 7.50 per cent (3.82 per cent); two-to-less-than-three years; 7 per cent (3.51 per cent); and three years, 6.75 per cent (3.64 per cent).

SBH

State Bank of Hyderabad has increased interest rates on NRE deposits with effect from December 22.

The interest rate on deposits for one year to less than two years has been increased from 3.82 per cent to 6.50 per cent while on deposits for two years to less than three years, it has gone up from 3.51 per cent to 6.50 per cent.

For three years and up to five years, the interest rate has been hiked from 3.64 per cent to 6.75 per cent, according to a release.

Published on December 22, 2011
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