Mumbai: Public-sector lender the Union Bank of India on Saturday slashed interest rates on foreign currency non-resident bank account deposits certain maturities effective from Sunday.
With this, interest rate on US dollar FCNR(B) deposits having a maturity of 1-2 years has been cut to 2.98% from 3%.
FCNR(B) is Foreign Currency Non Residential Bank Account.
For dollar deposits having two-three years and three-four years maturities, the revised rates are 2.57% (2.44%) and 2.93% (2.72%) respectively, a release said.
Deposits in pound and euro, in one-two years maturities, the revised rates are 3.48% (4.07%) and 3.28% (4.06%) respectively, the bank said.
Interest rates in non-resident external account deposits in rupee terms for one-two years has been revised to 3.73% from the earlier (3.75%).
For two-three years and three years and above maturity have been revised to , 3.32% (3.19%) and 3.68%(3.47%) respectively, the bank said.