BoR slashes FCNR, NRE deposit rates

Bank of Rajasthan, a private sector lender, has slashed interest rates on foreign currency non-resident (FCNR) deposits and non-resident external (NRE) rupee deposits from December 1, 2008.

Interest rates on FCNR(B) deposits in US dollar, having a maturity of one year to less than two years, have been revised to 3.77 per cent from 4.17 per cent, while for those in 2-3 years maturity, the new rate is 3.12 per cent as against 3.66 per cent, the bank said in a press statement issued here today.

For deposits in pounds, in 1-2 years maturity, the rate has been revised to 5.12 per cent from 7.01, and for 2-3 years, 4.2 per cent as against 5.18 per cent, the statement said.

Interest rates on NRE deposits, in 1-2 years tenure, has been revised to 4.52 per cent from 4.92 per cent, while for 2-3 years, the deposits will now attract a rate of 3.87 per cent from 4.41 per cent, the bank said.