CBI announces new interest rates on NRE, FCNR deposits

Hyderabad, Feb 3 (UNI) The Central Bank of India (CBI) today announced revision of interest rates on Non-Resident External (NRE) and Foreign Currency Non-Resident (FCNR) deposits, across all maturities, with effect from February one.

According to a press release here, interest rates on NRE time deposit had been revised to 5.93 per cent from 6.33 percent for one year to less than two years.

The interest rate was revised to 5.85 per cent from 6.16 per cent for two years to less than three years deposits and for three years the interest was revised to 5.80 per cent from 6.08 per cent.

Interest rates on FCNR deposit in USA Dollars were revised to 5.18 per cent from 5.33 per cent for one year to less than two years. The interest rates had been revised to 5.05 per cent from 5.07 per cent for four years to less than five years deposits, the release added.

UNI