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Wednesday, Feb 02, 2005

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UCO Bank revises NRE deposit rates

By Our Special Correspondent

KOLKATA, FEB. 1. UCO Bank has increased the interest rates on NRE rupee term deposits and FCNR(B) deposits effective February 1. The new rates for NRE rupee term deposits are: 3.8 per cent (3.6 per cent) for one year but less than two years; 4.2 per cent for exceeding two years but less than three years; and 4.1 per cent for above three years. For FCNR(B) deposits held in dollars the rates stand at 3.37 per cent in the slab of one year to less than two years.

IOB follows suit

Indian Overseas Bank has hiked the interest rates on NRE term deposits with effect from February 1. The rates are: 3.80 per cent for one year to less than two years; 4.10 per cent for two years to less than three years and 4.30 per cent for three years to less than five years.

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