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Central Bank revises NRE, FCNR (B) rates

MADURAI: The Central Bank of India has revised the interest rates on non-resident external (NRE) and foreign currency non-resident (banks) (FCNR) (B) deposits across all maturities with effect from December 1. For one year to less than two years, the interest rate on NRE time deposits has been revised to 6.24 per cent from 6.34 per cent, according to a bank press release. The rates have been revised to 6 per cent from 6.17 per cent for two years to less than three years and to 5.91 per cent from 6.11 per cent for three years. For one year to less than two years, the interest rate on FCNR (B) deposits in U.S dollars has been revised to 5.24 per cent from 5.34 per cent.

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