ICICI Bank, BoB revise NRE deposit rates

ICICI Bank has revised interest rates on NRE savings account and NRE fixed deposits by 0.61% and 0.47%, respectively, across various maturities.

The bank has also increased FCNR deposit rates for dollars by up to 46 bps across various maturities, the bank said in a release issued today.

Under the revised interest rates, NRE savings account will attract an interest of 3.40% per annum compared to the earlier rate of 2.79%.

Interest rates on NRE fixed deposits for 36 months to 120 months will be 5.01% as against the earlier rate of 4.54%, the release said.

The rate on dollar FCNR deposits for 36 months have been revised to 4.26% from the earlier rate of 3.80%, the bank said.

Bank of Baroda (BoB) has also hiked interest rates for NRE term deposits across various maturities with effect from April 4, 2005.

While the rate for 1-2 year deposit has been hiked to 4.40% from the present 4%, deposits for 2-3 years will attract rate of 4.80% from 4.40%, the bank said in a release issued today.

The NRE term deposit rate for 3-5 years has gone up to 5% from 4.60%.

Under FCNR (B), the rates for dollar deposits have gone up to 3.60% for 1-2 years, 4.04% for 2-3 years and 4.25% for three-year period.

The rates for pound deposits have been reduced to 4.92% for 1-2 years, 4.86% for 2-3 years and 4.85% for three years.

For euro deposits, the rate for 1-2 years has been hiked to 2.13% and for 2-3 years to 2.44% but for 3 years, the rate has been reduced
to 2.63% from 2.65%.