Corp Bank hikes NRE, FCNR rates

Corporation Bank has revised the rate of interest offered on NRE term deposits and FCNR (B) deposits w.e.f. November 1, 2006.

The interest rate on NRE term deposits has been revised to 6.34% p.a. as against the earlier level of 6.3% for a tenure of one year to less than two years, 6.17% (from 6.09%) for a tenure of two years to less than three years and 6.11% (from 6.01%) for a period of three years to ten years.

Interest on FCNR (B) deposits, which at present are accepted in five currencies viz. the US Dollar (USD), Great Britain Pound (GBP), Euro (EUR), Australian Dollar (AUD) and the Canadian Dollar (CAD) also stand revised.

The interest rates on USD deposits for a tenure of one year to less than two years is 5.34% (from 5.30%), for a tenure of two years to less than three years is 5.17% (from 5.09%), for a tenure of three years to less than four years is 5.11% (from 5.01%), for a tenure of four years to less than five years is 5.11% (from 5.01%) and for a period of five years is 5.12% (from 5.04%).