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BoI raises FCNR deposit rates

Our Bureau

MUMBAI, April 10

BANK of India has marginally increased the rates of interest on foreign currency non-resident (FCNR) deposits in US dollar, British pound and Euro with maturity above two years.

The new rates — with increase of 5-25 basis points— will be effective from April 16, 2003, said a press release from the bank. The bank has left the rates on deposits maintained in Japanese Yen untouched.

There has been a cut in interest rates for dollar deposit rates with maturity of one year to less than two years to 1.05 per cent from 1.10 per cent. The rate for deposits for two years to less than three years is increased to 1.50 per cent from 1.45 per cent and for three years to 2.10 per cent (1.95 per cent).

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