Date:09/11/2006 URL: http://www.thehindubusinessline.com/2006/11/09/stories/2006110901630600.htm

Back Karnataka Bank hikes NRE rates

Our Bureau

Mangalore , Nov. 8

Karnataka Bank Ltd has increased interest rates on its NRE and FCNR (B) deposit schemes with effect from November 1.

A bank release said here on Wednesday that the interest rate on NRE deposits has been revised to 6.34 per cent (6.3 per cent) for tenure of one year to less than two years, 6.17 per cent (6.09 per cent) for two to less than three years, and 6.11 per cent (6.01 per cent) for three to five years.

In the case of FCNR (B) deposits, the interest rate on dollar deposits for tenure of one year to less than two years is 5.34 per cent (5.3 per cent), two to less than three years is 5.17 per cent (5.09 per cent), three to less than four years is 5.11 per cent (5.01 per cent), four to less than five years is 5.11 per cent (5.01 per cent) and five years only, it is 5.12 per cent (5.04 per cent).

Interest rate on Great Britain Pound deposits for tenure of one year to less than two years is 5.44 per cent (5.27 per cent), two to less than three years is 5.37 per cent (5.18 per cent), three to less than four years is 5.33 per cent (5.13 per cent), four to less than five years is 5.27 per cent (5.1 per cent) and for five years only, it is 5.22 per cent (5.06 per cent).

Interest rate on euro deposits for tenure of one year to less than two years is 3.86 per cent (3.71 per cent), two to less than three years is 3.94 per cent (3.78 per cent), three to less than four years is 3.94 per cent (3.77 per cent), four to less than five years is 3.93 per cent (3.78 per cent) and for five years only it is 3.93 per cent (3.8 per cent).