Date:05/04/2006 URL: http://www.thehindu.com/2006/04/05/stories/2006040510892000.htm

Business - Briefly

SBT, Canara Bank raise NRE interest rates

THIRUVANANTHAPURAM: State Bank of Travancore (SBT) and Canara Bank have increased the interest rate on NRE term deposits to six per cent for periods extending beyond one year. The rate revision in SBT is with effect from April 2 and that in Canara Bank from April 1, according to separate press releases issued by the two banks. The former accepts NRE term deposits for periods ranging from one year to five years and the latter from one year to three years. The SBT has also revised its interest rates for FCNR deposits. For U.S. dollar deposits, the interest rates are: 5.29 per cent for one year to less than three years, 5.27 per cent for three years to less than four years and 5.30 per cent for four years to less than five years and 5.31 per cent for five years. For pound sterling deposits, the rates are: 4.78 per cent for one year to less than two years, 4.83 per cent for two years to less than three years, 4.87 per cent for three years to less than four years, 4.86 per cent for four years to less than five years and 4.85 per cent for five years. For those in Euro, the corresponding rates are: 3.23 per cent, 3.52 per cent, 3.64 per cent, 3.71 per cent and 3.77 per cent respectively.