Mumbai: State-owned, Bank of Baroda, today hiked the interest rates on Foreign Currency Non Resident Bank Accounts Deposit (FCNR(B)) rates and Non Resident External Term (NRE) deposit rates, with effect from 3June.
Deposits in US Dollar, having maturity of one year to less than two years, will now attract an interest rate of 2.41% (2.33%) while rate with maturity 2-3 years has been revised to 2.71% (2.43%), the bank said in an official statement.
For deposits having a maturity of five years, the rate has been revised to 3.47% (3.11%). Similarly, for deposits in Pound, the bank has revised the rate to 5.40% (5.06%), for a tenure 1-2 years while for 2-3 years and 3-4 years, rates have been revised to 5.26% (4.65%) and 5.21% (4.62%) respectively, the banks said.
For Euro deposits, which will mature in 1-2 year period, the revised rate stood at 4.34% (4.21%) while for 2-3 years and 3-4 years, the revised rates are 4.23% (3.78%) and 4.11% (3.68%) respectively, the bank said.
For NRE deposits having a maturity 1-2 years the bank has revised the deposits to 3.16% (3.08%) while for 2-3 years, 3-4 years and 4-5 years, the revised rates are 3.46% (3.18%), 3.81% (3.45%) and 3.81 (3.45%) respectively.