CENTRAL BANK OF INDIA REVISES INTEREST RATES ON NRE/FCNR-B/RFC DEPOSITS

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 %

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

6 months to less than 12 months & Savings A/c.      0.86

SOURCE: https://www.centralbankofindia.co.in/upload/news/Press_Editors_Press_Release_NRE.pdf