BoB cuts interest rates on foreign currency deposits

Mumbai, Oct 1 (UNI) Public sector lender Bank of Baroda (BOB) has cut the interest rates on Foreign Currency Non Resident scheme (Banks) deposits except those in Yen and Australian Dollar and for Non Resident External (NRE) deposits with effect from October 3.

This move has come in line with the Reserve Bank's policy to discourage overseas inflows that have been complicating the liquidity management excercise for the regulator.

For deposits in US dollar, rates have been cut to 4.15 (4.53) percent for tenure from one year to less than two years, 3.84 (4.15) per cent for maturity ranging from two years to less than three years, 3.89 (4.16) per cent for three years to less than 4 years, 3.99 (4.20) per cent for 4 years to less than 5 years, and 4.08 (4.26) percent for tenure of 5 years.

For deposits in Great Britain Pound (GBP), rates have been cut to 5.44 (5.82) per cent for period of 1-2 years, 5.02 (5.46) for 2-3 years, 4.94 (5.36) per cent for 3-4 years, 4.90 (5.29) per cent for 4-5 years and 4.87 (5.23) per cent for 5 years.

For Euro deposits, revised rates are 3.98 (4.03) per cent, 3.79 (3.78) per cent, 3.77 (3.81), 3.78 (3.80) and 3.80 (3.81) for tenures 1-2 years, 2-3 years, 3-4 years, 4-5 years and 5 years respectively.

For deposits in Yen, rates have been hiked to 0.40 (0.39) per cent, 0.39 (0.35) per cent, 0.49 (0.45) per cent, 0.58 (0.55) per cent and 0.67 (0.65) per cent in the respective tenures.

For deposits in Canadian dollar, revised rates are 4.13 (4.24) per cent, 3.87 (4.06) per cent, 3.93 (4.10) per cent, 3.97 (4.11) per cent and 3.99 (4.12) per cent in respective maturities.

In Australian dollar, depositors will get a hiked interest rates at 6.47 (6.36) perc ent, 6.21 (6.08) per cent, 6.21 (6.07) per cent, 6.26 (6.11) per cent and 6.23 (6.08) per cent in the above maturities.

For NRE deposits, rates have been cut at 4.90 (5.28) per cent for tenure one year to less than two years, 4.59 (4.90) per cent for maturity of 2-3 years and 4.64 (4.91) per cent for all other maturities up to five years, a statement said here today.

UNI