Major banks raise FCNR and NRE deposit interest rates

New Delhi, June 2 (UNI) Major banks including Punjab National Bank, Punjab and Sind Bank, ICICI and HDFC today announced a hike in the interest rates on Foreign Currency Non-Residents (FCNR) and Non Resident External (NRE ) deposits.

The increase in interst rates on US dollar deposits for the first maturity was by 0.1 per cent.

For the second and third maturities, the average rate of increase was by 0.9 per cent and 0.1 per cent respectively.

The interest rates on fourth and fifth maturities saw an increase of 0.06 per cent and 0.07 per cent respectively.

However, the revised US dollar FCNR deposits rates of HDFC rates are 5.42 per cent (up from 5.29 per cent) for one year to less than two years, 5.42 per cent (earlier, 5.29 per cent) for two years to less than three years, 5.44 per cent (earlier 5.27 per cent) for three years to less than four years, 5.47 per cent (earlier 5.30 per cent) for four years to less than five years and 5.50 per cent (earlier 5.31 per cent) for five years.

The revised NRE deposits for maturities of one year to less than three years was fixed at 6.40 per cent by PNB and 6.43 per cent by HDFC.

The rate of interest for maturities of three to five years was fixed at 6.45 per cent by HDFC and 6.50 per cent by PNB.

The interest on NRE deposits for maturities of one year to less than two years of of Punjab and Sind Bank has been now fixed at 6.43 per cent.

Similarly, the interest on maturities of two years to less than three years and from three years only was 6.42 per cent and 6.45 per cent respectively.

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