Central Bank revise Interest Rates on NRE

Hyderabad, Aug 2 (UNI) Central Bank of India (CBI) has revised downward interest rates on NRE and Foreign Currency Non-Resident (B) deposits across all maturities, with effect from yesterday.

Interest rates on NRE Time Deposit was revised for one year to less than two years to 5.25 per cent from 5.43 per cent, for two years to less than three years to 5.17 per cent from 5.43 per cent and for three years to 5.21 per cent from 5.46 per cent, according to a bank release here today.

Interest rates on FCNR-B deposit in USD was also revised to 4.50 per cent for one year to less than two years from 4.68 per cent, 4.42 per cent for two years to less than three years from 4.68 per cent, 4.46 per cent for three years to less than four years from 4.71 per cent, 4.54 per cent for four years to less than five years from 4.75 per cent and 4.61 per cent for five years from 4.79 per cent.

Interest rates for GBP, Euro, Canadian Dollars and Australian dollars FCNR-B deposits were also revised, the release added.

UNI