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Interest Rates on Foreign Currency Deposits Slashed
Saturday, August 30, 2008

Union Bank of India has slashed its interest rates on Foreign Currency Non Resident (B) Account Deposits (FCNR) (B) and Non Resident External (NRE) term deposits from Monday. FCNR (B) deposits in US dollar having a maturity of 1-2 years will now attract an interest rate of 2.46 per cent as against 2.5 per cent earlier, a bank release stated. Deposits in 2-3 years, 3-4 years and 4-5 years tenures will carry interest rates of 2.56 per cent (2.75), 2.88 per cent (3.11) and 3.10 per cent (3.34) respectively, the bank said.

Rates on FCNR (B) deposits in Pound, Euro and Australian Dollar, in the tenure 1-2 years, have been revised to 5.27 per cent (5.42), 4.58 per cent (4.62) and 6.72 per cent (7.37) respectively, the bank said. Similarly UBI cut its rates on NRE Rupee term deposits. Interest rate for deposits of tenure 1-2 years has been slashed to 3.21 per cent (3.25 per cent) while 2-3 years and 3-years and above deposits will now attract rates of 3.31 per cent (3.5) and 3.63 per cent (3.86) respectively, the bank said. The bank also revised rates for Exchange Earners Foreign Currency (EEFC) account. Deposits in US Dollar will now offer a rate of 1.74 per cent (1.71) to the depositors. Deposits in Pound and Euro, in the same tenure, will give 4.61 per cent (4.64) and 3.75 per cent (3.73) respectively, the statement said. The move is going to have a definite impact on the banking sector that receives significant financial inputs from the NRIs.

 

 

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