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FCNR and NRE Rates hiked | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

FCNR and NRE rates hiked by banks

Posted in FCNR, NRE  by Ram Vishnu
October 17, 2008



Oct 17, 2008, Ratekhoj.com. Several banks in India have hiked the interest rates on Foreign Currency Non Resident (FCNR) and Non Resident External (NRE) accounts effective immediately. The increase of 50 basis points (or 0.50%) in interest rates in NRE and FCNR accounts is based on changes in Reserve Bank of India guidelines.

SBI, PNB, Dena Bank, Syndicate Bank are among the banks that have increased the FCNR and NRE rates. The FCNR rate changes impact deposits in US dollars, Euros, Canadian dollars, Japanese Yen and Australian dollars.

With these changes NRE rates for a term of 1 to 2 years stands at 4.96%. The rates for a term of 2 to 3 years is 4.27% and rates for terms of 3 years and above are 4.56%.

FCNR accounts denominated in US dollars earn a interest of 4.21% for a deposit term of 1 to 2 years. Euro accounts for the same term of 1 to 2 years will earn a interest of 5.74%. US dollar FCNR accounts for a maturity period of 5 years earn a interest of 4.14%. The following table provides a complete listing of current FCNR rates:

  US$ Euro GBP CAN$ AUD YEN
1 year to less than 2 years 4.21 5.74 6.77 5.05 8.05 1.47
2 years to less than 3 years 3.52 4.87 5.57 3.27 6.55 1.36
3 years to less than 4 years 3.81 4.84 5.50 3.42 6.56 1.46
4 years to less than 5 years 3.95 4.87 5.46 3.55 6.61 1.55
5 years 4.14 4.87 5.43 3.67 6.59 1.62



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