SIB hikes NRE and FCNR deposit rates

Source :The Hindu.3rd jan 2011

Thrissur: The South Indian Bank has revised interest rates on Non-Resident External (NRE) and Foreign Currency Non-resident (FCNR) fixed deposits with effect from January 1.

The interest on NRE deposits of two years to less than three years and 3 years and above have been increased to 2.6 per cent from 2.51 per cent and 3.9 per cent from 2.79 per cent respectively.

FCNR deposits in Pound Sterling will carry 2.51 per cent (2.49 previously) for one year to less than two years, 2.51 per cent (2.37 previously) for two years to less than three years; 2.94 per cent (2.71) for three years to less than 4 years; 3.34 per cent (3.04) for four years to less than five years and 3.65 percent (3.37) for five years.

The revised rates in Euro are 2.92 per cent (2.84) for three years to less than four years; 3.22 per cent (3.10) for four years to less than five years and 3.52 per cent (3.33) for five years.