ICICI announces hike in NRE, FCNR deposits | india | Hindustan Times
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ICICI announces hike in NRE, FCNR deposits

NRI's will get more interest rates from ICICI Bank for their fixed rupee deposits as well as those denominated in foreign currencies.

india Updated: May 01, 2006 17:51 IST

Non-resident Indians will get more interest rates from ICICI Bank for their fixed rupee deposits as well as those denominated in foreign currencies, with the bank hiking interest rates on NRE fixed deposits.

ICICI Bank, the country's largest private sector bank, today announced that it had hiked interest rates on NRE fixed deposits in the range of 0.33 to 0.35 per cent in various maturity schemes.

The NRE fixed deposits between one year and less than 18 months would get 6.33 per cent, while those maturing between three years and 10 years will receive the highest 6.35 per cent rates.

The bank also announced increase in deposit rates on foreign currency non-resident accounts (FCNR).

FCNR deposits in dollars have been raised in the range of 0.04 per cent to 0.12 per cent, in pounds from 0.09 per cent to 0.25 per cent, in euro from 0.09 to 0.23 per cent and in Yen from 0.04 to 0.05 per cent.

However, in yen-denominated deposits, interest rates on certain maturities have been lowered as well. While deposits between 24 months and less than 36 months will get less interest rates of 0.81 per cent against the present 0.84 per cent, those between 36 months and less than 48 months would receive 1.13 rates against the current 1.15 per cent.

Interest rates on FCNR deposits denominated in Australian dollars have been raised in the range of 0.30 per cent to 0.38 per cent, while those in Canadian dollars have been increased from 0.10 per cent to 0.23 per cent, ICICI Bank said in a statement.