Public sector lender, Dena Bank has dipped interest rates on its non resident external (NRE) and foreign currency non resident (FCNR (B)) dollar denominated deposits.

The new rates would come into effect from 1st August.

The bank has revised interest rate on NRE rupee term deposit having a maturity period of 1 year to less than two years to 2.79 per cent from 2.92 per cent earlier. Deposits having tenor of two years or more but less than three years will now fetch 2.49% as against 2.72% earlier.

For deposits having tenor of three years, the rate will be 2.82% as against 3.08% earlier.

For FCNR (B) and resident foreign currency (RFC) US dollar-denominated deposits, the interest rate has been lowered to 2.04 per cent from 2.17 per cent for a period of one year and above but less than 2 years.

The interest rate will now be 1.74% from 1.97% for deposits maturing in two years or more but less than three years. For tenor in the range of three years and above but less than four years, the new rate is 2.07 per cent against 2.33 per cent earlier.

The rate is 2.43 per cent as against the earlier 2.71 per cent for maturities of four year or more tenor but less than five years.

For a tenure of five-years, the new rate will be 2.79 per cent against the earlier 3.05 per cent.