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SBI raises interest rates on term deposits

MUMBAI: State Bank of India has increased the interest rates on term deposits between Rs. 15 lakh and Rs. 1 crore to 8.25 per cent per year. The new rates would be effective from January 8, 2007 and applicable for term deposits with maturity of over one year and above, the bank said in a release. This offer will be available for a limited period till March 31, 2007, the bank said.

CUB revises rates

City Union Bank Ltd. has revised upwards the interest rates on Non-Resident External (NRE) deposits to 6.33 per cent for one year, 6.16 per cent for two years and 6.08 per cent for three years, accordgint to a bank release.

FCNR (Foreign Currency Non-Resident Deposit) rates for U.S. dollars have been revised upwards to 5.33 per cent for one year, 5.16 per cent for two years, 5.08 per cent for three years, 5.07 per cent for four years and 5.09 per cent for five years.

For British pound sterling, it is revised upwards to 5.58 per cent, 5.53 per cent, 5.51 per cent, 5.47 per cent and 5.41 per cent for the corresponding maturities mentioned above, the release said.

UB hikes NRE rates

MUMBAI: Union Bank of India has revised the interest rates on non-resident external (NRE) and foreign currency non-resident (FCNR) term deposits with effect from January 1.

The interest rates on NRE rupee deposits of maturity one year to less than two years has been raised to 6.33 per cent from 6.24 per cent, for two years to less than three years to 6.16 per cent (6 p.c.) and for three years and above the rates applicable would be 6.08 per cent (5.91 p.c.).

For FCNR dollar deposits of maturity one year to less than two years the interest rates have been increased to 5.33 per cent from 5.24 per cent, two years to less than three years to 5.16 per cent (5 p.c.), three years to less than four years to 5.08 per cent (4.91 p.c.) and four years to less than five years to 5.07 per cent (4.89 p.c.), while for five years the interest rate has been raised to 5.09 per cent (4.9 p.c.), the bank said here in a statement.

Dena Bank, LIC pact

CHENNAI : Dena Bank, along with Life Insurance Corporation of India (LIC) has announced the launch of `Dena Grihaswami Suraksha Yojana,' a group mortgage redemption assurance scheme for its housing loan borrowers.

All housing loan borrowers, including staff housing loan borrowers of Dena Bank in the age group of 18-60, would be eligible to join. According to a release, the highlights of the scheme are: the insurance cover is limited to outstanding loan, subject to a maximum of Rs. 1 crore.

A single premium will be charged for the entire term of the loan (ranging from three years to twenty years) at the time of entry into the scheme.

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