Interest rates on NRI deposits lowered by Dena Bank
By Neelima Shankar
Jul 2, 2010
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Dena Bank has announced the lowering of interest rates on its non resident external (NRE) and foreign currency non resident (FCNR) deposits.

The bank has revised its rates on NRE deposits having maturity greater than one year and less than two years to 2.92% from 2.95%.

Deposits having tenor more than two years and less than three years have been lowered to 2.72% from the earlier rate of 3%.

For deposits maturing in three years, the new rate would be 3.08% as against 3.47% earlier.

For the FCNR (B) and resident foreign currency deposits (RFC) US dollar denominated deposits, the bank has lowered rates to 2.17% from 2.20% for tenors of more than one year and less than two years.

For two years and above but less than three years and three-years and above but less than four years, the interest rates have been lowered to 1.97 per cent from 2.25 per cent and to 2.33 per cent from 2.72 per cent, respectively.

For FCNR (B) and RFC dollar-denominated deposits with a duration of four years and above but less than five years, the rate has been revised to 2.71 per cent against the earlier 3.08 per cent.

Deposits having tenor of five years will have rates at 3.05% as against 3.43%.


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