IDBI Bank hikes interest rates on FCNR (B) and NRE deposits

 

IDBI Bank hikes interest rates on FCNR (B) and NRE deposits

IDBI Bank has increased interest rates on foreign currency non-resident FCNR (B) and non-resident external (NRE) deposits across select maturity buckets, aimed at attracting foreign currency inflows from NRI diaspora.

Interest rates on FCNR (B) deposits for the tenor of three years and above has been increased by 100 basis points (bps) across all nine currencies. In respect of NRE deposits, the rates have been hiked for the tenor of more than three years up to seven years by up to 25 bps to 50 bps.

The bank is now offering a peak interest rate of 9.5% on NRE deposits as a result of the above revision. No premature penalty shall be levied on retail NRI deposits.

The revised rates, which take effect from August 20, 2013, shall be valid up to November 30, 2013.

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