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Saturday, Sep 02, 2006

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Industry & Economy - NRIs
NRE, FCNR deposit rates cut

Our Bureau

Mangalore, Sept 1

Karnataka Bank Ltd has revised interest rates on its NRE and FCNR (B) deposits with effect from September 1.

A bank release said on Friday that interest rates on NRE term deposits have been reduced to 6.41 per cent (6.54 per cent) for one year to less than two years and to 6.24 per cent (6.44 per cent) for two years to less than three years.

For the maturity period of three years to five years, the rate has been decreased to 6.18 per cent (6.42 per cent).

FCNR (B) The revised rates for FCNR (B) deposits for one year to less than two years are 5.24 per cent (5.04 per cent), 5.41 per cent (5.54 per cent) and 3.63 per cent (3.55 per cent) for pound sterling, US dollar and euro, respectively.

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