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ICICI raises interest on NRE, FNCR deposits
Monday, September 22, 2008

ICICI Bank has increased the interest rates on its NRE and FCNR deposits of non resident Indians by half a percent. The decision follows the recent measures announced by the Reserve Bank that allowed banks to offer higher interest rate on non resident Indian deposits to attract larger foreign fund flows.

ICICI Bank in a press note said it has increased one year NRE deposit by half a percentage point to 3.71 per cent. While for FCNR B deposits denominated in USD, the interest for one year has been increased by half percentage point to 2.96 per cent while deposits denominated in British pound raised to 5.77 per cent from 5.27 per cent earlier. The bank has affected similar increase in deposits made in currencies like euro, Japanese yen, Australian dollar and Canadian dollar.

 

 

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