BoB, UBI revise foreign currency deposit rates

State-owned Bank of Baroda and Union Bank of India have revised their interest rates on foreign currency non-resident (B) account (FCNR (B)) deposits and non-resident external (NRE) term deposits.

Deposits in US $ having a maturity of one year to less than two years would now attract a rate of 3.71 per cent as against 2.96 per cent earlier, banks said in separate press statements here.

For a maturity period of two years to less than three years, the rates have been reduced from 3.06 per cent to 3.02 per cent.

For tenures of three years to less than four years and four to less than five years, the rates have been reduced to 3.31 per cent from 3.38 per cent and 3.45 from 3.60 per cent respectively.

 

For a maturity period of five years, the revised rate is 3.64 per cent from 3.76 per cent.

For NRE term deposits with a maturity of one year and above but less than two years, the rate has been increased from 3.71 per cent to 4.46 per cent.

For maturities of two years and above and less than three years and three years and above but less than four years, the new rates are 3.77 per cent from 3.81 per cent and 4.06 per cent from 4.13 per cent respectively.

The revisions come into effect from October 1 and October 2 for UBI and BoB customers respectively.