Allahabad Bank revises interest rates on FCNR deposit

Kolkata, Feb 01 (UNI) Allahabad Bank today announced a downward revision of interest rates on Foreign Currency Non-resident (FCNR) deposit.

As per the new revision, the revised rates for US dollar are 5.18 per cent (earlier 5.33 per cent) for one year to less than two years, 5.10 per cent (5.16 per cent) for two years to less than three years, 5.05 per cent (5.08 per cent) for three years to less than four years, 5.05 per cent (earlier 5.07 per cent) for four years to less than five years and 5.06 per cent (earlier 5.09 per cent) for five years only, Allahabad Bank sources here said.

In case of GB Pound deposits, the revised rates are 5.62 per cent (5.58 per cent), 5.56 per cent (5.53 per cent), 5.52 per cent (5.51 per cent), .47 per cent (5.47 per cent) and 5.41 per cent (5.41 per cent for respective maturities.

For EURO deposits, the Bank had fixed interest rates at 3.84 per cent (4.02 per cent), 3.97 per cent (4.12 per cent) and 3.98 per cent (4.13 per cent), 3.98 per cent (4.11 per cent) and 3.99 per cent (4.12 per cent) for corresponding maturities.

Rates for NRE Term Deposits the new rates are 5.93 per cent (6.33 per cent) for one year to less than two years, .85 per cent (6.16 per cent) for two years to less than three years and 5.80 per cent (6.08 per cent) for three years.

However, the new rate for NRE Savings Bank Deposit with efect from November 18 2005 is 3.50 per cent.

UNI