Syndicate Bank announces downward revision of interest rates

Bangalore, Oct 4 (UNI) One of the leading public sector banks, Syndicate Bank today announced downward revision of interest rates on Non Residential External (NRE) Term deposits and Foreign Currency Non Resident (Banks) FCNR(B) deposits with effect from October one 2007.

Interest rates on NRE deposits for a period of one year to less than two years had been revised to 4.90 per cent, while the interest for deposits for more than two years and less than three years was revised to 4.59 per cent and for deposits made for three to five years the interest rate was 4.64 per cent.

In case of FCNR(B) deposits, the interest rate for US Dollar deposit for a tenure of one year to less than two years was 4.15 per cent, for two years to less than three years it was 3.84 per cent and for three years to less than four years it was 3.89 per cent. For deposits made for more than four years and less than five years the interest rate was 3.99 per cent and deopsits for more than five years it would be 4.08 per cent.

The rate of interest for the tenure one year and one day on GBP deposit the interest rate was 5.44 per cent, on Euro deposit it was 3.98 per cent and on CAD deposit it was 4.13 per cent, while for AUD deposit the rate of interest was 6.47 per cent.

UNI