| South Indian Bank hikes NRE, FCNR deposit rates | |
| Press Trust of India / Thiruvananthapuram July 3, 2009, 13:23 IST | |
Kerala-based South Indian Bank has hiked interest rates on non-resident external (NRE) and foreign currency non-resident (FCNR) fixed deposits from July 1.
According to an SIB release today, interest on NRE deposits of one year to less than two years and two years to less than three years has been increased to 3.36 per cent from 3.35 per cent and 3.28 per cent from 3.13 per cent respectively.
Rates on deposits of upto three years and inclusive of 10 years had been raised to 3.87 per cent from 3.74 per cent.
Rates on one year to less than two years on FCNR deposits denominated in US Dollars had been increased to 2.61 per cent from 2.60 per cent, on two to less than three years to 2.53 per cent from 2.38 per cent, for three to less than four years to 3.12 per cent from 2.99 per cent, for four to less than five years to 3.57 per cent from 3.52 per cent. For five year deposits, the rate will be 3.93 per cent (up from 3.92 per cent ) .
Similar revisions had also been made in FCNR deposits in denominations of Pounds and Euro, previous rates being given in brackets .
FCNR deposits in Pound Sterling will carry 2.70 per cent(2.76), 3.32 per cent(2.93), 4.02 per cent(3.55), 4.46 per cent(4.00) and 4.72 per cent(4.30) for the respective periods.
The corresponding rates for deposits in Euro are 2.50 per cent(2.64), 2.84 per cent(2.76), 3.30 per cent(3.19), 3.64 per cent(3.56) and 3.91 per cent(3.87).
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