Good News for the Indian Diaspora –South Indian Bank Hikes NRE, FCNR Deposit Rates

July 3, 2009 - PRLog -- As per revised rates, interest rate on NRE deposits of 1year to less than 2 years and 2 years to less than 3  years has been increased to 3.36 per cent from 3.35 per cent and  3.28 per cent from 3.13 per cent  respectively.

Interest rates on deposits of 3 years upto  and inclusive of 10  years have been raised to 3.87 per cent from 3.74 per cent .

Interest rates on 1year to less than 2 years on FCNR deposits denominated in US Dollars have been increased to 2.61 per cent from 2.60  per cent, on two-less than three years to 2.53 per cent from 2.38 per cent, for three-less than four years to 3.12  per cent from  2.99 per cent, for four to less than five years to 3.57 per cent from 3.52 per cent. For  five year deposits, the rate will be  3.93 per cent.(up from 3.92 per cent ) .

Similar revisions have been made in FCNR deposits in denominations of Pounds and Euro, previous rates being given in brackets :

FCNR deposits in Pound Sterling will carry  2.70 per cent(2.76),  3.32 per cent(2.93), 4.02 per cent(3.55), 4.46 per cent(4.00) and 4.72 per cent(4.30) for the respective periods.
The corresponding rates for deposits in Euro are 2.50 per cent(2.64), 2.84 per cent(2.76), 3.30 per cent(3.19), 3.64 per cent(3.56) and 3.91  per cent(3.87).


For  press queries :Simon Joseph,
The South Indian Bank Ltd.,Head Office,Trichur,Kerala Ph:0487-2423858
Mob:09847404555 E-mail: ccm@sib.co.in

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South Indian Bank (SIB) is one of the leading scheduled commercial banks in India with a strong focus on technology and service culture.