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South Indian Bank increases NRE, FCNR Deposit Rates
Saturday, September 20, 2008

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.

 

 

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