IDBI revises interests rates on NRE deposits

Mumbai, May 8 (UNI) Following the Central Bank directive on Non Resident External (NRE) deposit schemes, the Industrial Development Bank of India Limited (IDBI) today revised the interest rates on Foreign currency non resident accounts (FCNR(B)) deposits and NRE Rupee Term deposits, which will come into effect from May one.

The Reserve Bank had reduced the ceiling interest rates on FCNR(B) deposits by 50 basis points to LIBOR minus 75 basis points, which was announced in RBI annual monetary policy.

The interest rates on these deposits denominated in USD revised are 4.55 per cent for deposits with one year to less than two years maturity, 4.31 per cent for two years to less than three years maturity and 4.26 per cent for three years to less than four years maturity term, a release here said.

Revised Interest rates on FCNR(B) deposits denominated in GBP include 5.23 per cent for deposits in the one year to less than two years maturity term, 5.12 per cent for two years to less than three years and 5.08 per cent for three years to less than four years maturity term, the release added.

UNI