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Canara Bank hikes interest on NRE, FCNR deposits

Special Correspondent

THIRUVANANTHAPURAM: Canara Bank has increased the interest rate on NRE deposits to 5.9 per cent with effect from March 1.

The new interest rates on FCNR deposits in dollar (with the period mentioned in brackets) are 4.9 per cent (one year to less than two years), 4.88 per cent (two years to less than three years), 4.86 per cent (three years to less than four years), 4.86 per cent (four years to less than five years) and 4.86 per cent (five years).

FCNR deposits in Pound Sterling will carry 4.42 per cent, 4.46 per cent, 4.48 per cent, 4.47 per cent and 4.45 per cent for the respective periods.

The corresponding rates for deposits in Euro are 2.73 per cent, 2.99 per cent, 3.08 per cent, 3.16 per cent and 3.21 per cent.

For FCNR deposits in Canadian dollar, the interest rates are 3.96 per cent (one year to less than two years), 4.01 per cent (two years to less than three years) and 4.06 per cent (three years to less than four years).

Australian dollar deposits will get 5.42 per cent (one year to less than two years), 5.39 per cent (two years to less than three years) and 5.41 per cent (three years to less than four years).

RFC savings bank deposits will carry an interest rate of 3.25 per cent for dollar, 3 per cent for Pound Sterling and one per cent for Euro.

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