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BoB revises NRE term deposit rates

Written by: Staff
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Mumbai, Apr 19 (UNI) Just after a day of increasing the ceiling of interest rate on non-resident external (NRE), Rupee Deposit by Reserve Bank, Bank of Baroda (BoB) today revised upward, the interest rate on NRE term deposits with immediate effect.

The bank which accepts NRE deposits for maturity period ranging from one to five years, revised the rates from 6.02 per cent to 6.27 per cent for five year period, from 6.02 to 6.27 per cent for three years and above but less than four yers, from 6.04 to 6.29 per cent for one year and above but less than two years.

Yesterday, RBI in its annual policy report, increased the ceiling by 25 basis points to 100 points above Libor/Swap rates for US Dollar of corresponding maturity with immediate effect.

The previous ceiling was 75 basis point.

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