Date:14/10/2004 URL: http://www.thehindu.com/2004/10/14/stories/2004101403461701.htm

Business - Briefly

Canara Bank revises interest rates

BANGALORE: Canara Bank has revised the interest rates on FCNR (B) deposits, by hiking the interest rates on the U.S. dollar deposits. The bank, however, reduced the interest rates on FCNR (B) deposits under British pound and euro currencies, a bank statement here said. The FCNR (B) rates for dollar deposits of 1-2 years have been increased to 2.29 per cent from 2.24 per cent, for 2-3 years to 2.75 per cent from 2.73 per cent and for three years and above to 3.13 per cent from 3.08 per cent.

For FCNR (B) deposits on British pound denomination, the interest rates have been lowered to 4.84 per cent (4.85 per cent) and 4.79 per cent (4.82 per cent) for 1-2 years and 2-3 years respectively. For Euro deposits, the rates have been brought down to 2.11 per cent (2.12 per cent) and 2.43 per cent (2.47 per cent) and 2.71 per cent (2.75 per cent) for tenures of 1-2 years, 2-3 years and three years and above categories respectively, the statement said.

PTI