by NR INDRAN / INT
Central Bank of India has revised the rate of interest on NRE/FCNR-B/RFC deposits. The rates will be effective for all fresh deposits as well as renewal of existing deposits w.e.f. 01.10.2011.
Revised interest rates, applicable to fresh deposits accepted / renewals made on or after OCTOBER 01, 2011 will be as under:
NRE Deposit Interest Rates:
| Period of NRE Deposit | Interest rate % p.a. |
| 1 Year to less than 2 years | 2.61 |
| 2 Years to less than 3 years | 2.31 |
| 3 years only | 2.47 |
| NRE Savings Bank | Remains unchanged at 4.00 % |
………..2
FCNR(B) Deposit Interest Rates % p.a.
| Period of deposit | USD | GBP | EUR | CAD | AUD |
| 1 year to less than 2 years | 1.86 | 2.72 | 3.04 | 2.67 | 6.04 |
| 2 years to less than 3 years | 1.56 | 2.29 | 2.52 | 1.99 | 5.03 |
| 3 years to less than 4 years | 1.72 | 2.41 | 2.61 | 2.17 | 5.14 |
| 4 years to less than 5 years | 1.98 | 2.61 | 2.80 | 2.35 | 5.37 |
| 5 years only | 2.24 | 2.80 | 2.99 | 2.54 | 5.50 |
| Overdue Deposit | 0.86 | 1.72 | 2.04 | 1.67 | 5.04 |
RFC (USD) DEPOSIT Interest Rates
| Period of USD deposit | % p.a. |
| 6 months to less than 12 months & Savings A/c. | 0.86 |
You can contact author @ nr_indran@rediffmail.com