Business - Briefly

Corporation Bank hikes FCNR (B) and NRE rates

MANGALORE: Corporation Bank has revised the interest rate on NRE term deposits, FCNR (B) deposits with effect from June 1. Interest rates on NRE term deposits have been revised upward to 3.16 per cent annually from 3.08 per cent for one year to less than two years. The rates have been increased for other maturities also. As regards FCNR (B) deposits, the rate on dollar deposits for one year to less than two years is 2.41 per cent (2.33 per cent). For other tenures also, the rates have been raised, says a bank release. — Special Correspondent

© Copyright 2000 - 2009 The Hindu