DENA BANK REVISES INTEREST RATES FOR NRI DEPOSITS

Dena Bank increased interest rates for non resident Indians' deposits made in Pound Sterling and Euro currencies.

NRIs can earn interest at 2.51 per cent to 3.20 per cent on Euro currency, whereas interest on Pound Sterling deposits will be from 2.48 per cent to 3.16 per cent depending on maturities.

In GBP, the rate has been reduced for a maturity between 1-2 years while for all others, it has been increased. Rates on Euro deposits to have been increased across all maturities.

Interest rates on deposits made in US Dollar currency have been revised downward and under the new rates, USD deposits will fetch interest ranging from 1.76 per cent to 2.47 per cent.

Dena Bank has also decreased rates on NRE deposits depending on maturities.

The action by Dena Bank follows a similar move made by its peer State Bank of India wherein it had increased interest rates on euro and pound deposits and decreased those on dollar and rupee.

SOURCE: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Dena-Bank-revises-interest-rates-for-NRI-deposits/articleshow/6853746.cms