Following its decision to hike its interest rate on term deposits, Bank of Rajasthan (BoR), announced a similar revision in its non-resident (external) rupee deposits (NRE), and foreign currency non-resident deposits (banks) or FCNR(B). The bank has decided to make the new rates effective from July 1, it said in a statement.

The bank said that for NRE deposits, for maturity period of one year to two years, the annual interest rates have been revised to from 3.16 percent 3.31 percent. On the one hand, for two years to three years to 3.6 percent from 3.46 percent, while on the other, for three years and above the new rate stands at 3.95 percent, up 14 basis points from 3.81 percent.

For FCNR (B), the new interest rate on deposits in US dollar has been hike from 2.41 percent annually for maturity of one year to two years to 2.56 percent. However, on deposits with maturity of two years to three years, the interest rates stand at 2.85 percent, up from 2.71 percent.

While, for a period of three years to four years in the FCNR (B) category, annual rates have been revised from the 3.06 percent earlier to 3.2 percent, for a period of four years and five years, the new annual interest rate has been pegged at 3.42 percent from the earlier 3.3 percent.

Deposits of five years and above have seen an interest rate hike from 3.47 percent to 3.56 percent.

For the British pound, the interest rates on FCNR(B) deposits have also been revised to 5.7 percent from 5.4 percent for one year to two years, while for the period between two years and three years, it has been hiked from the earlier 5.26 percent to 5.5 percent.

For three years and above, rates have been increased from 5.21 percent to 5.47 percent.

While, considering Euro, the annual interest rates on FCNR (B) deposits have also been revised from 4.34 percent to 4.64 percent for the period between one year and two years. The new rates for the period between two and three years stand at 4.62 percent up from 4.23 percent, while for three years and above, it has been hiked from 4.11 percent to 4.55 percent.