NEWS & ADVICE : FIXED DEPOSITS
Canara Bank announces an increase in FCNR, NRE deposit rates
By Neelima Shankar
Nov 21, 2008
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Public Sector, Canara Bank follows several other banks on revising up the interest rates of FCNR (B) and NRE term deposits.

The bank has raised the interest rate on FCNR (B) deposits in various currency denominations. The different currency deposits with maturity ranging between one year and less than two years stood as follows:

CurrencyInterest rate

USD

4.17%

GDP

7.01%

Euro

5.87%

CAD

7.28%

These interest rates are 75 basis points over the existing rate. Also there is a similar revision of 75 basis points on all currencies of different tenure.

Similarly interest rate on NRE (rupee) deposits of one year to less than two years is revised upwards to 4.92% from 4.17%. Deposits with a maturity for two years to less than three years and for three years, the rate is increased to 4.41% from 3.66% and 4.89% from 4.14% respectively.

All these changes in the rates are effective from November 16th, 2008.

Earlier public lenders including SBI, Bank of Baroda and PNB while private lender, ICICI has raised the NRI deposit rates.

 


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