South Indian Bank has hiked the interest rates on Non-Residential External
(NRE) and Foreign Currency Non-Resident (FCNR) fixed deposits. As per
the revised rates, interest on NRE deposits of one to less than two
years and two years to less than three years will be 3.71 per cent from
3.21 per cent and 3.81 per cent from 3.31 per cent, an SIB release stated.
Interest rates on deposits of 3 to 10 years have been raised to 4.13
per cent from 3.63 per cent. Interest rate on one year to less than
two years of FCNR deposits denominated in US dollars have been increased
to 2.96 per cent from 2.46 per cent on two to less than three years
to 3.06 per cent from 2.56 per cent, for three to less than four years
to 3.38 per cent from 2.88 per cent, for four to less than five years
to 3.60 per cent from 3.10 per cent.
For five year deposit, the rate would be 3.76 per cent from 3.26 per
cent. Similar revisions have been made in FCNR deposits in denominations
of Pounds and Euro. The interest rates for deposits in Pound would be
5.77 per cent (5.27%), 5.15% (4.65%) 5.1 3% (4.63%), 5.08% (4.58%) and
5.03% (4.53%) respectively. The corresponding rates for deposits in
Euro would be 5.08% (4.58%), 4.63% (4.13%), 4.53% (4.03%), 4.48% (3.98%)
and 4.43% (3.93%), the release added.