Date:05/07/2006 URL: http://www.thehindu.com/2006/07/05/stories/2006070502921610.htm

Business - Briefly

Karnataka Bank hikes FCNR (B) rates

MANGALORE: Karnataka Bank has raised interest rates on FCNR (B) deposits for various maturities with effect from Saturday, a release from the planning and development department of the bank here on Tuesday. Deposits in U.S. dollar, having a maturity period of one year only, will now earn an interest of 5.69 per cent against 5.43 per cent; pound sterling 5.01 per cent (4.94 per cent) and euro 3.52 per cent (3.32 per cent). The interest rates have been raised for other maturity periods also for the above currencies, says the release.