Date:03/01/2009 URL: http://www.thehindu.com/2009/01/03/stories/2009010360601500.htm

Business - Briefly

IOB cuts NRE term deposit rates

CHENNAI: Indian Overseas Bank is now offering 3.75 per cent against 4.52 per cent for one year to less than two year NRE deposits, 3.19 per cent (3.87 per cent) for two years to less than three years and 3.47 per cent (4.14 per cent) for three years to less than five years. The bank is now offering interest rate ranging from 2.44 per cent to 3.08 per cent for FCNR dollar deposits for the maturity ranging from one year to five years, says a release. — Corporate Reporter