Syndicate Bank ups interest rates on NRE, FCNR deposits

Syndicate Bank has revised the rates of interest upwards on Non-Resident External (NRE) Term Deposits and FCNR (B) deposits with effect from October 1, 2008.

Interest rates on NRE deposits for a period of one year to less than two years have been revised to 4.46 per cent, two years to less than three years to 3.76 per cent and for three upto five years to 4.06 per cent, a bank statement said.

In case of FCNR (B) deposits, the interest rate for US$ deposits for tenure of one year to less than two years is 3.71 per cent, for 2 years to less than 3 years is 3.01 per cent, for 3 years to less than 4 years is 3.31 per cent, for 4 years to less than 5 years is 3.45 per cent and for 5 years it is 3.64 per cent.

The rate of interest for the tenure 1 year 1 day on GBP deposits is 6.27 per cent, on Euro deposits is 5.24 per cent, on Canadian dollar deposits is 4.55 per cent and on Austalian dollar deposits is 6.55 per cent.