The Hindu : Business : Canara Bank hikes interest on NRE, FCNR deposits

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Wednesday, Jul 05, 2006

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Canara Bank hikes interest on NRE, FCNR deposits

Special Correspondent

THIRUVANANTHAPURAM: Canara Bank has increased the interest rates on NRE deposits and FCNR(B) deposits with effect from July 1.

The interest rate on NRE (Rupee deposits) has gone up to 6.69 per cent (from 6.43 per cent) for periods ranging from one year to less than three years.

NRE deposits for three years will carry 6.68 per cent (up from 6.45 per cent in June), the bank said in a press release here on Monday.

The new interest rates on FCNR deposits in U.S. dollar (with the period mentioned in brackets) are: 5.69 per cent (one year to less than two years), 5.69 per cent (two years to less than three years), 5.68 per cent (three years to less than four years), 5.70 per cent (four years to less than five years) and 5.72 per cent (five years).

FCNR deposits in Pound Sterling will carry 5.01 per cent, 5.13 per cent, 5.19 per cent, 5.21 per cent and 5.21 per cent for the respective periods.

The corresponding rates for deposits in Euro are 3.52 per cent, 3.82 per cent, 3.94 per cent, 4.03 per cent and 4.09 per cent.

For FCNR deposits in Canadian dollar, the interest rates are 4.65 per cent (one year to less than two years), 4.73 per cent (two years to less than three years) and 4.79 per cent (three years to less than four years).

Australian dollar deposits will get 6.20 per cent (one year to less than two years), 6.21 per cent (two years to less than three years) and 6.28 per cent (three years to less than four years).

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