Bank of Baroda (BoB) has revised the interest rates on FCNR(B) and NRE term deposits with effect from December 3, 2004.
The interest rates for dollar deposits have gone up from 2.30% to 2.73% for one year and above but less than 2 years, and from 2.70 % to 3.18% for 2 years and above but less than 3 years, and from 3.02% to 3.46% for 3 years, according to a release issued to the Bombay Stock Exchange.
In case of pound sterling deposits, interest rates have gone down from 4.77% to 4.65% for one year and above but less than 2 years, and from 4.71% to 4.58% for 2 years and above but less than 3 years, and from 4.74% to 4.60% for 3 year deposits.
In case of euro deposits, interest rates have gone down from 2.06% to 2.05% for one year and above but less than 2 years, from 2.35% to 2.32% for 2 years and above but less than 3 years, and from 2.61% to 2.56% for 3 years, the release added.
The rate for NRE term deposits has gone up to 3.48% from 3.05% for 1 year and above but not less than 2 years, to 3.93% from 3.45% for 2 years and above but less than 3 years, and to 4.21% from 3.80% for 3 years and above but up to 5 years, the release said.
PNB hikes deposit rates
Punjab National Bank on Thursday hiked interest rates on dollar-denominated Foreign Currency Non-Resident (Banks) deposits but lowered returns on those held in Pound and Euro.
The bank has effected 0.43-0.44 per cent hike in interest rate on dollar denominated FCNR(B) deposits across different maturities, a bank statement said.
As per the revised rates, the dollar deposits put for 1-2 years would get 2.73 per cent instead of 2.30 per cent, 3.17 per cent for those put for 2-3 years (2.69 per cent) and 3.44 per cent (against 3.0 per cent) for deposits having maturity of three years, it said.
The Pound Sterling denominated FCNR(B) deposits would get 0.12-0.15 per cent lower returns.
Interest rate on Pound deposits have been revised from 4.77 per cent to 4.65 per cent for maturities of 1-2 years, from 4.71 per cent to 4.58 per cent for 2-3 years and from 4.74 per cent to 4.59 per cent for three years, it said.
In the case of Euro deposits, interest reduction is to the extent of 0.01-0.07 per cent.
Accordingly, Euro deposits put for 1-2 years would get 2.05 per cent (2.06 per cent), those put for 2-3 years would attract 2.30 per cent (2.34 per cent) and it would be 2.54 per cent for deposits having maturity of three years instead of 2.61 per cent.
Canara Bank hikes deposit rates
Canara bank has revised the rate of interest on FCNR(B) deposits, for GBP, US dollar and Euro with effect from Wednesday varying maturities from one year to three years.
The revised rates with existing ones in brackets are: One year to less than two years: GBP: 4.65 (4.77), USD:2.73 (2.30), EUR: 2.05 (2.06); two years to less than three years: GBP: 4.55 (4.69), USD: 3.14 (2.67), EUR: 2.28 (2.33); three years: GBP: 4.57 (4.73), USD: 3.41 (2.99), EUR: 2.51(2.59).
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