Date:21/11/2005 URL: http://www.thehindubusinessline.com/2005/11/21/stories/2005112101951200.htm

Back Canara Bank, Corporation Bank raise NRE deposit rates

Our Bureau

Bangalore , Nov. 20

CANARA Bank and Corporation Bank have hiked NRE (non-resident external rupee) term deposit rates with effect from November 18.

A Canara Bank release said that one-year term rates are now 5.5 per cent, up from 5.20 per cent and three year rates are 5.7 per cent, from 5.4 per cent.

After this revision, one-year term NRE term deposit rates are 25 basis points higher than tht on domestic deposits. However, the three-year NRE deposit rates are lower than domestic rates by five basis points.

Our Mangalore Bureau reports: A Corporation Bank release said the new rates are applicable on fresh deposits and on renewals.