Canara Bank hikes FCNR, NRE rates

Canara Bank has increased the interest rates on FCNR & NRE term deposits, with effect from November 16, 2008.

The rates for NRE (rupee) deposits for a duration of one year to less than two years is increased from 4.17 per cent to 4.92 per cent; for two years to less than three years from 3.66 per cent to 4.41 per cent and for three years from 4.14 per cent to 4.89 per cent.

The rate of interest on FCNR (B) deposits for one year to less than two year period in USD is 4.17 per cent, in GBP 7.01 per cent, in EUR 5.87 per cent, in CAD 4.17 per cent and AUD 7.28 per cent. This amounts to 75 basis points increase over existing rates. 

Similarly, there is an increase in the rate of interest by 75 basis points over existing rates for deposits of different periods in all the above currencies, the bank said in a release.