Business Daily from THE HINDU group of publications
Thursday, Jul 06, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 06, 2006 |
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Money & Banking
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Fixed Deposits Industry & Economy - NRIs More banks hike NRE, FCNR deposit rates Our Bureaus
July 5 , Punjab & Sind Bank has hiked the interest rates on foreign currency non-resident (bank) deposits and Non-resident (external) term deposits with effect from July 1. Interest rates on US dollar deposits have been hiked from 5.43 per cent per annum to 5.69 per cent per annum for 1 year to less than 2 years, from 5.42 per cent to 5.69 per cent for 2 years to less than 3 years, from 5.45 per cent to 5.68 per cent per annum for 3 years to less than four years, from 5.47 per cent to 5.70 per cent for four years to less than five years and from 5.50 per cent to 5.72 per cent for 5 years. Corporation Bank has increased interest rates on NRE deposits with effect from July 1. A bank release said here that interest rate on NRE term deposits has been increased to 6.70 per cent (6.40 per cent) for one year to less than two years and two years to less than three years. For the maturity band of three years to 10 years, the rate has been increased to 6.70 per cent (6.50 per cent), the release added. Lakshmi Vilas Bank has increased the interest rates on FCNR deposits for all currencies from July 1 and for the RFC deposits from July 3. The dollar deposit rate for maturity period between one and three years has risen to 5.69 per cent (5.43). State Bank of Travancore has increased the interest rates for domestic and NRE deposits for various periods with effect from July 5. Senior citizens will get 50 basis pointadditional interest on deposits of Rs 5,000 and above for periods of one year and more.
More Stories on : Fixed Deposits | NRIs | Interest Rates
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