Corp Bank revises NRE rates

Mangalore based Corporation Bank has revised interest rates on NRE and FCNR deposits with effect from April 1. The revised interest rates compared to the existing rates (furnished within brackets) are as follows.

The interest rate on NRE deposits has increased to 4.30 per cent pa (4 per cent) for a tenure of one year and to less than two years, 4.80 per cent pa (4.50 per cent) for a tenure of two years to less than three years and 5.00 per cent pa (4.70 per cent) for a period of three years to 10 years.

The interest rate on the NRE SB deposit also stands increased to 3.40 per cent (2.80 per cent). Interest rates on FCNR deposits, which at present is accepted in three currencies "" the US Dollar (USD), British Pound (GBP) and the Euro, has also been revised.

The interest rate on the USD deposits for a tenure of one year to less than two years is 3.60 per cent (3.28 per cent) and for a tenure of two years to less than three years is 4.01 per cent (3.71 per cent). The rate applicable for a period of three years only is 4.22 per cent (3.92 per cent).

In respect of deposits in GBP, interest for one year to less than two years is 4.87 per cent (4.93 per cent). The interest rate applicable for a period of two years to less than three years is 4.80 per cent (4.89 per cent) while the rate for three years only is 4.80 per cent (4.87 per cent).

Rate of interest offered on deposits in Euro has also been revised to 2.11 per cent (2.08 per cent) for a period of one year to less than two years is 2.41 per cent (2.41 per cent) for two years to less than three years and 2.62 per cent (2.64 per cent pa) for three years only.