NEWS & ADVICE : FIXED DEPOSITS
BoR cuts interest rates on NRE, FCNR(B) deposits
By Neelima Shankar
Nov 6, 2008
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Bank of Rajasthan (BoR) has cut down its non-resident (external) rupee deposits (NRE) and foreign currency non-resident deposits (banks) or FCNR(B).

The NRE deposits rates of the bank have been revised down for its various maturities. Interest rates for deposit with 1 to 2 years have come down to 4.17% from 4.96% while 2 to 3 years deposits rate have declined to 3.66% from 4.26%. The new interest rate for deposits with 3 years and above tenure stands at 4.14% against 4.56% earlier.  

The FCNR (B) deposits in US dollar, British Pound and Euro have also been revised downward by BoR. The revised FCNR (B ) rates stood as follows:

Tenure of the deposit

Interest rate Now

Interest rate Earlier

USD

 

1 to 2 years

3.42%

4.21%

2 to 3 years

2.91%

3.52%

3 to 4 years

3.39%

3.81%

4 to 5 years

3.74%

3.95%

5 years

4.01%

4.14%

Pound

 

1 to 2 years

6.26%

6.77%

2 to 3 years

4.43%

5.57%

3 years

4.57%

5.50%

Euro

 

1 to 2 years

5.12%

5.74%

2 to 3 years

3.84%

4.87%

3 years

3.95%

4.84%


The rate cut by BoR is applicable from November 1st.


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