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BoB, Dena Bank revise interest rates on FCNR (B) deposits

Written by: Staff
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Mumbai, Mar 2 (UNI) Premier public sector bank Bank of Baroda (BoB) has revised its interest rates on foreign currency non-resident (FCNR)(B) and non-resident external (NRE) deposits with effect from tomorrow.

Dena Bank, another leading PSB, has also effected a change in its interest rates for FCNR deposits. The upward revision has been made in view of the hardening of interest rates in the US.

In the case of dollar-denominated deposits of BoB, for a maturity period of one year to less than two years, the interest rate has been revised northward to 4.90 per cent from the earlier 4.72 per cent, while for two years to less than three years, the interest rate has been hike to 4.88 per cent from 4.71 per cent.

For deposits of three years to less than four years, the interest rate has been pegged at 4.86 per cent, as against the earlier 4.70 per cent, while for deposits of four years to less than five years, the interest rate has been revised to 4.86 per cent from the earlier 4.72 per cent.

For a maturity period of five years, the interest rate effective from tomorrow will be 4.86 per cent, as against the earlier 4.75 per cent.

In the case of pound-denominated deposits, interest rate for maturity period of one year to less than two years and two to less than three years have declined to 4.42 per cent from 4.45 per cent and 4.46 per cent from 4.47 per cent respectively.

The interest rate for a maturity period of three years to less than four years remains unchanged at 4.48 per cent.

BoB has effected a marginal increase in the case of maturity period of four years to less than five years and five years where the interest rates have been hiked to 4.47 per cent from 4.46 per cent and 4.45 per cent from 4.44 per cent respectively.

With regard to Non-Resident External (NRE) deposits, BoB has increased its interest rate to 5.90 per cent from 5.72 per cent in the case of deposits with a maturity period of one year and above but less than two years.

For two years and above but less than three years, it has again been revised upwards to 5.90 per cent from 5.71 per cent, while for a maturity period of three years and above but less than four years, the interest rate has been hiked from 5.70 per cent to 5.90 per cent.

For deposits of four years and above but less than five years and for five years maturity deposits, the increase is again the same at 5.90 per cent from 5.70 per cent respectively.

In the case of Dena Bank, it has revised its interest rates on non-resident external (NRE) deposits from 5.70 per cent to 5.90 per cent for maturity periods of one year to less than two years, two to less than three years and three years respectively.

The interest rates on FCNR deposits (dollar-denominated) for a maturity period of one year to less than two years has been revised upwards to 4.90 per cent from 4.72 per cent, while for a maturity period of two years to less than three years, the rate has been increased to 4.88 per cent from the earlier 4.71 per cent.

For three years to less than four years, the rate has been hiked to 4.86 per cent from 4.70 per cent while for deposits with a maturity period of four years to less than five years, the interest rate has been increased to 4.86 per cent from 4.72 per cent.

For five years, the interest rate has been revised upwards to 4.86 per cent from 4.75 per cent.

In the case of pound-denominated deposits, interest rates for deposits with a maturity of one year to less than two years and two years to less than three years, have been reduced from 4.45 per cent to 4.42 per cent and 4.47 per cent to 4.46 per cent respectively.

The rate remains unchanged at 4.48 per cent for deposits with a maturity period of three years to less than four years.

The interest rates on deposits with a maturity period of four years to less than five years and up to five years have seen a marginal northward movement from 4.46 per cent to 4.47 per cent and 4.44 per cent to 4.45 per cent respectively.

UNI JJ SSS AG2016

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