Banks Raise FCNR (B) Depository Rates
Mumbai: Union Bank of India (UBI), Bank of India (BOI) and State Bank of India (SBI) have altered the rate of interest on FCNR (B) and NRE (rupee) depository terms w.e.f July 1, 2007.
In case of FCNR (B) deposits, the rate of interest on dollar deposits of different tenure periods include; 4.68 per cent for one to less than two years from 4.64 per cent, 4.68 per cent for two to less than three years from 4.57 per cent, 4.71 per cent for three to less than four years from 4.55 per cent, 4.75 per cent for four to less than five years from 4.55 per cent and 4.79 Per cent for five years from 4.57 per cent.
The interest rate for NRE deposits are: 5.43 per cent for one to less than two years from 5.39 per cent, and 5.43 per cent for two to less than three years from 5.32 per cent.
