Date:03/04/2007 URL: http://www.thehindubusinessline.com/2007/04/03/stories/2007040302441000.htm

Back LVB cuts dollar deposit rates

Our Bureau

Coimbatore, April 2

Lakshmi Vilas Bank has effected a downward revision in interest rate on FCNR dollar and NRE deposit with immediate effect. The interest rate on FCNR (B) dollar deposit has dipped marginally from 4.99 per cent to 4.97 per cent for a maturity period of 1-2 years and to 4.77 per cent (4.8 per cent) and 4.71 per cent (4.73) for 2-3 years and 3-4 years, respectively.

The bank has maintained the rate at 4.72 per cent for 4-5 year maturity slab and increased it to 4.76 per cent (4.74) for 5 years. On the other hand, the rate on pound sterling and euro deposits has risen from the existing level. The interest rate on NRE term deposit slipped from 5.74 per cent to 5.72 per cent for a tenure of 1 and 2 years, 5.52 (5.55) for 2-3 years and to 5.46 per cent (5.48) for period beyond 3 years.