CBI revises interest rates on NRE, FCNR (B) deposits

Hyderabad, Jan 2 (UNI) Central Bank of India has revised upward interest rates on NRE and Foreign Currency Non-Resident (B) deposits across all maturities, with effect from January 1, 2007.

A bank release here today said the interest rates on NRE Time Deposit had been hiked - for one year to less than two years to 6.33 per cent from 6.24 per cent and for two years to less than three years to 6.16 per cent from 6.00 per cent. For three years, the interest rate was raised to 6.08 per cent from 5.91 per cent.

Interest rates on FCNR-B deposit in USD also were revised from 5.24 per cent to 5.33 per cent for one year to less than two years, from 5.00 per cent to 5.16 per cent for two years to less than three years, from 4.91 per cent to 5.08 per cent for three years to less than four years, from 4.89 percent to 5.07 per cent for four years to less than five years and from 4.90 per cent to 5.09 per cent for five years.

Interest rates for GBP, Euro, Canadian Dollars and Australian Dollars FCNR-B deposits had also been revised.

UNI