The Hindu : Business / Briefly : Corpn. Bank revises NRE/FCNR deposit rates

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Thursday, Mar 03, 2005

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Corpn. Bank revises NRE/FCNR deposit rates

MANGALORE: Corporation Bank has revised interest rates on NRE term deposits up to 0.4 percentage point across different maturities with effect from Wednesday. A release from B. R. Bhat, Deputy General Manager (Resource Mobilisation Division), here stated that the bank had also revised interest rates on FCNR deposits denominated in dollar, euro and pound sterling with effect from Wednesday. The revised rates for rupee NRE deposits for 1-2 years (previous rates in bracket) is 4 per cent (3.8 per cent), 2-3 years 4.5 per cent (4.10 per cent) and 3-10 years 4.7 per cent (4.35 per cent). The rates for FCNR dollar deposits for 1-2 years is 3.28 per cent (3.01 per cent), 2-3 years 3.71 per cent (3.38 per cent) and 3-10 years 3.92 per cent (3.58 per cent). The rates for FCNR pound sterling deposits for 1-2 years is 4.93 per cent (4.72 per cent), 2-3 years 4.89 per cent (4.64 per cent) and 3-10 years 4.87 per cent (4.64 per cent).

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