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Central Bank raises NRE and FCNR (B) rates

CHENNAI: The Central Bank of India has raised interest rates on NRE and FCNR (B) deposits across all maturities, except for deposits in Euro, with effect from July 1.Interest rates on NRE deposits for one year to less than two years and for two years to less than three years have gone up to 6.7 per cent from 6.4 per cent and for three years to 6.7 per cent from 6.5 per cent, the bank said in a release. Interest rates on FCNR (B) deposits in U.S. dollar for one year to less than two years and for two years to less than three years have been raised to 5.69 per cent from 5.43 per cent.

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