State-run, Oriental Bank of Commerce has announced a cut in its interest rates on deposits for non-residents. The term deposit rates for FCNR (B) have been revised own on all maturities from one to five years for US dollars, British Pound, Euro, Australian dollar and Canadian dollar. The revised interest rates for FCNR (B) stand as follows: | Deposit Tenure | Interest Rates Earlier | Interest Rates Now | | USD | GBP | EUR | AUD | CAD | USD | GBP | EUR | AUD | CAD | | 1 year to less than 2 years | 3.00% | 4.07% | 4.06% | 5.65% | 3.47% | 2.98% | 3.48% | 3.28% | 4.84% | 3.30% | | 2 years to less then 3 years | 2.44% | 3.62% | 3.69% | 4.54% | 2.08% | 2.57% | 3.09% | 3.24% | 4.04% | 2.34% | | 3 years to less than 4 years | 2.72% | 3.86% | 3.94% | 4.91% | 2.32% | 2.93% | 3.41% | 3.54% | 4.46% | 2.64% | | 4 years to less than 5 years | 2.93% | 4.04% | 4.14% | 5.23% | 2.48% | 3.24% | 3.73% | 3.79% | 4.75% | 2.83% | | 5 years | 3.08% | 4.16% | 4.24% | 5.30% | 2.60% | 3.45% | 3.98% | 3.98% | 4.88% | 2.99% | The new interest rates are effective from February 1st, 2009. |
