Press Trust of India / Thiruvananthapuram Nov 18, 2008, 17:54 IST
South Indian Bank (SIB) today raised the interest rates for foreign currency and rupee deposits by non-residents, which would come into effect from November 16.
"The Indian diaspora has confidence in Indian banks and aware that the global financial crisis has not affected the Indian banks which continue to maintain healthy capitalization guided by wise regulations and meticulous supervision of the Rserve Bank of India," SIB MD and CEO Dr V A Joseph said.
For FCNR (B) deposits in US dollars, the revised rate has been pegged at 4.17 per cent as compared to 3.42 per cent for deposits of one year and above but less than two years, an SIB release said today.
The interest rate for two to less than three years would go up to 3.66 per cent from 2.91 per cent and three to less than four years to 4.41 per cent from 3.39 per cent.
The rate for four to less than five years has been fixed at 4.49 per cent against the existing 3.74 per cent and for five years at 4.76 against 4.01 per cent.
The bank has made similar revision in deposits in pound sterling and euro.
For NRE term deposits, the revised rates have been fixed at 4.92 per cent against 4.71 per cent for one to less than two years, 4.14 per cent for two years to less than three years and 4.89 per cent for three years up to inclusive of ten years.
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