IDBI revises interest rates on term deposits

Mumbai, July 3 (UNI) Industrial Development Bank of India(IDBI) has hiked the interest rates on Foreign Currency Non-Resident (Banks) Scheme deposits (FCNR(B)) and Non Resident External Deposits(NRE).

The revised rates for FCNR(B) deposits in USD are 4.68 per cent for deposits having tenure of one year to less than two years and two years to less than three years respectively.

For deposits having maturity period of three years to less than four years, the rate has been fixed at 4.71 percent.

The revised rates are 5.43 percent and 5.46 percent for deposits having maturity periods of one year to less than two years and three years respectively.

The revised rates have come into effect from July 1, 2007, IDBI said.

UNI