More banks hike NRE interest rates

More public sector banks have revised interest rates on Non-Resident External (NRE) term deposits. Effective Thursday, Syndicate Bank revised the rates of interest on NRE deposits for a period of one year to less than two years to 9.35 per cent, two years to less than three years to 9.35 per cent and three-five years to 9.25 per cent, said a press release from the bank.

State Bank of Mysore, Vijaya Bank and Canara Bank, too, have revised their interest rates on NRE deposits. SBM now offers 9.5 per cent on these deposits, while Canara Bank offers 9.25 per cent for one year to less than five years maturity and 9 per cent for five years to 10 years maturity.

A press release from Vijaya Bank said the new rates were effective January 1. For NRE deposits with maturity period of one and year less, the bank offers 9.25 per cent (for less than Rs 5 crore) and 9 per cent (Rs 5 crore and above); two years to less than three years – 9 per cent; three years to less than five years – 9 per cent (less than Rs 5 crore) and 8.5 per cent (Rs 5 crore and more); five years and above – 8.75 per cent (less than Rs 5 crore) and 8.25 per cent (over Rs 5 crore).

Kolkata-based Allahabad Bank has once again jacked up the interest rates on NRE (rupee) term deposits. The revised rates of interest on various time periods will be as follows: one-to-less than two years at 9.5 per cent (7.5 per cent), two-to-less than three years at 9 per cent (7 per cent) and for three years at 8.75 per cent (6.75 per cent), according to a press statement issued by the bank.

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