NRI alert: Indian bank hikes interest rates on NRI fixed deposits

Axis Bank, India’s third largest private sector Bank, announced an increase in the interest rates on Foreign Currency Non Resident (FCNR-B) deposits of tenures over three years by 1 per cent, with effect from August 17, 2013.

The bank has also announced an increase in interest rates on Non Resident External (NRE) fixed deposits for tenures above three years by 50- 75 basis points, with effect from August 24, 2013.

The FCNR-B fixed deposits between 3-4 years in US Dollar would now attract 4.78 per cent as compared to 3.78 per cent earlier; a 5 year fixed deposit in US Dollar would earn 5.56 per cent against 4.56 per cent. Similarly, the rates have been hiked by 1 per cent for fixed deposits in other currencies such as Pounds, Euro, Japanese Yen, Canadian Dollar and Australian Dollar.

For NRE fixed deposits between 3-5 years, the interest rate has been revised to 9.50 per cent from 8.75 per cent and for tenures between 5-10 years the interest rate has been revised to 9.25 per cent from 8.50 per cent. The Bank is also offering a special rate of 9.50 per cent for NRE fixed deposits between 7 years 4 months to 7 year 5 months.

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