ICICI Bank, Union Bank of India, Central Bank of India and Dena Bank have all hiked interest rates on NRE and FCNR fixed deposits from January 1.
ICICI Bank
ICICI Bank has increased interest rates on Non-Resident External (NRE) and foreign currency non-resident (FCNR) fixed deposits with effect from January 1.
Interest rates on NRE fixed deposits have been increased by up to 0.19 per cent for various maturities, the bank said.
As per revised rates, interest rate on NRE deposits of 12-18 months and 18-24 months has been increased to 6.33 per cent from 6.24 per cent and 6.12 per cent, respectively.
Interest rates on deposits of 24-36 months have been raised to 6.16 per cent from 6 per cent earlier and for 36-120 months increased to 6.08 per cent.
Interest rate on one-year FCNR deposits denominated in US dollars have been increased to 5.33 per cent from 5.24 per cent, on two-three years to 5.16 per cent from 5 per cent, for three-four years to 5.08 per cent from 4.91 per cent, for four-five years 5.07 per cent from 4.89 per cent.
For more than five year deposits, the rate will be 5.09 per cent. Interest rates on Great Britain Pound and Canadian Dollar denominated deposits have been increased by up to 0.19 per cent and 0.13 per cent, respectively.
Central Bank of India
The Central Bank of India on Tuesday said it has increased interest rates on NRE and FCNR (B) deposits across all maturities with effect from January 1.
Interest rates on NRE Term deposits have been revised for one year to less than two years to 6.33 per cent from 6.24 per cent, for two years to less than three years to 6.16 per cent from six per cent and for three years to 6.08 per cent from 5.91 per cent, the Bank said.
Interest rates on FCNR(B) have been revised to 5.33 per cent from 5.24 per cent for one year to less than two years, 5.16 per cent from five per cent for two years to less than three years.
FCNR(B) deposits having a maturity period of three years to less than four years, four years to less than five years and five years have been revised to 5.08 per cent, 5.07 per cent and 5.09 per cent from 4.91 per cent, 4.89 per cent and 4.9 per cent respectively, the release added.
Union Bank
Union Bank of India has revised the interest rates on Non Resident External (NRE) and Foreign Currency Non Resident (FCNR) term deposits with effect from January 1.
The interest rates on NRE rupee deposits of maturity one year to less than two years has been raised to 6.33 per cent from 6.24 per cent, for two years to less than three years to 6.16 per cent from 6 per cent and for three years and above the rates applicable would be 6.08 per cent from 5.91 per cent.
For FCNR dollar deposits of maturity one year to less than two years the interest rates have been increased to 5.33 per cent from 5.24 per cent, two years to less than three years to 5.16 per cent from 5 per cent, three years to less than four years to 5.08 per cent from 4.91 per cent, four years to less than five years to 5.07 per cent from 4.89 per cent while for five years interest rates have been raised to 5.09 per cent from 4.9 per cent, the bank said.
Similar revisions have been made in deposits in denomination of Pound, Euro and Australian Dollar.
Dena Bank
Public sector entity Dena Bank has hiked the rate of interest offered on Non Resident External (NRE) and Foreign Currency Non Resident (FCNR)(B) term deposits with effect from January 1.
The interest rates offered on NRE deposits for one year and above but less than two years have been increased to 6.33 per cent from 6.24 per cent, for two years to less than three years to 6.16 per cent from six per cent and for three years only, the rates would be 6.08 per cent from 5.91 per cent, the bank said in a release.
The interest rates on USD FCNR deposits of maturity one year to less than two years has been raised to 5.33 per cent from 5.24 per cent, for two years to less than three years to 5.16 per cent from five per cent, for three years to less than four years 5.08 per cent from 4.91 per cent, for four years to less than five years it has been increased to 5.07 per cent from 4.89 per cent and for five years it is 5.09 per cent from 4.90 per cent.
Similar revisions have been made in FCNR deposits in denomination of Pounds, Euro, Canadian Dollar and Australian Dollar.