Soon after the Reserve Bank of India (RBI) revised the guidelines for FCNR and NRE deposits, Allahabad Bank today announced revised rates for rupee and foreign currency deposits by non-resident Indians.

An official of Allahabad Bank said the bank has raised the rates on FCNR and NRE deposits in view of the revised RBI guidelines.

Meanwhile, another city-based PSB, UCO Bank, would also follow suit soon.

An official of UCO told PTI that the ALCO of the bank would meet shortly to revise the rates on NRE and FCNR deposits.

To a query, he said NRI remittances had been a source of funds for the banks, but not a major one. "It is a part of the funding source," he said.

The official said funds from this source was coming in and there was no interruption.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street up on Greece, but gains seen limited - FII-TO-FII: Pantaloon traded at 7% premium - Civic polls: Saffron alliance retains Mumbai, Thane - MCX awaits trading rules in commodity options, indices - Govt to provide incentives for electronic chip manufacturing

Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  IndianOil Citibank Card at Zero annual card fee -  High Growth Business Opportunities in Africa - Register to explore -  Save over Rs.3000 with IndianOil Citibank Card -  Office 365 for professionals and small businesses. -  India's No. 1 Property Site. Click here to know more.. -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Win a Business Class Ticket to Europe..Know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Enjoy the journey as much as the destination. click to know more.. -  Medium-sized businesses are the engines of a smarter planet. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -   Introduce a New Automotive Luxury Car.. know more