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ICICI hikes interest rates on NRE, FCNR deposits

The interest rates on Non Resident External fixed deposits have been increased by 24 basis points for various maturities.

india Updated: Apr 04, 2006 13:26 IST

Private sector bank ICICI on Tuesday hiked interest rates on non-resident Indian (NRI) deposits effective April 1.

The interest rates on Non Resident External (NRE) fixed deposits have been increased by 24 basis points for various maturities.

Rates on one year Foreign Currency Non Resident (FCNR) deposits denominated in US Dollars have been increased to 5.29 per cent per annum. Interest rates on Great Britain Pound denominated and Euro denominated FCNR deposits have been increased by upto 15 basis points and 31 basis points, respectively for various maturities.

For FCNR deposits in USD for a period of 12-24 months, the interest rates have been raised to 5.29 per cent from 5.15 per cent, for 24-36 months to 5.29 per cent from 5.13 per cent 36-48 months to 5.27 per cent from 5.11 per cent, for 48-60 months to 5.30 per cent from 5.11 per cent and for 60 months the rates are 5.31 per cent per annum from 5.11 per cent per annum.

For Non Resident External (NRE) deposits for 12-18 months, 18-24 months and 24-36 months the rates have been hiked to 6.04 per cent from 5.90 per cent.

For deposits of 36-120 months duration, the interest rate has been hiked to 6.02 per cent from 5.90 per cent, a release here today said.

First Published: Apr 04, 2006 13:26 IST