Dena Bank hikes interest rates on FNCR deposits

Five-year, dollar-denominated deposits now attract 4.77 per cent rate of interest

Dena Bank has increased interest rates on foreign currency non-resident deposits (FCNR-B) for maturities of one year to five years.

"Dena Bank increases interest rates on FCNR (B)/RFC term deposits effective from January 1, 2015," the bank said in a release.

The revised rates for deposits of 3-4 years in USD is 4.3 per cent (4.11 per cent earlier); 4.57 per cent for 4-5 years; 4.77 per cent for 5 years; 2.89 per cent for 2-3 years, and 2.45 per cent for deposits of 1-2 years.

Similarly, the increased interest rates for Pound Sterling (GBP) range from 2.65 per cent to 4.45 per cent and between 2.18 per cent and 3.36 per cent for Euro deposits.

The interest rates are 3.46-4.81 per cent for Canadian Dollar; 4.53-5.69 per cent for Australian Dollar; 2.77-4.92 per cent for Singapore Dollar and between 2.56-4.85 per cent for Hong Kong Dollar.

Shares of Dena Bank traded at Rs 63.45 per piece on the BSE, up 0.16 per cent from the previous close.