Date:05/04/2006 URL: http://www.thehindu.com/2006/04/05/stories/2006040505471803.htm

Business - Briefly

IOB raises FCNR rates

CHENNAI: Indian Overseas Bank has raised its FCNR rates for dollar deposits with effect from April 1. For deposits of one year to less than two years the interest rate has been raised to 5.29 per cent from 5.15 per cent. Deposits of two years to less than three years will attract 5.29 per cent (5.13 per cent); three years to less than four years 5.27 per cent (5.11 per cent); four years to less than five years 5.30 per cent (5.11 per cent) and deposits of five years only will carry 5.31 per cent against 5.11 per cent. The interest rate on NRE term deposits also has been raised by ten basis points for all maturity periods. The revised rate is six per cent for deposits accepted for one year to less than five years.