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BoB revises FCNR (B) and NRE term deposits interest rates news
Our Banking Bureau
03 January 2005

Bank of Baroda has revised the interest rates on FCNR (B) deposits with effect from January 03, 2005.

For US dollar deposits, the interest rates have gone up from 2.73 per cent to 2.87 per cent for one year and above but less than two years. For two years and above but less than three years from 3.18 per cent to 3.19 per cent and for three years the interest rates have gone down from 3.46 per cent to 3.41 per cent.

In GBP deposits, for one year and above but less than two years the interest rates have gone up from 4.65 per cent to 4.69 per cent and for two years and above but less than three years from 4.58 per cent to 4.61 per cent and for three years deposits from 4.60 per cent to 4.62 per cent.

In case of EURO deposits, for one year and above but less than two years the interest rates have gone up from 2.05 per cent to 2.11 per cent and for two years and above but less than three years interest rates have gone up from 2.32 per cent to 2.39 per cent and for three years interest rates have gone up from 2.56 per cent to 2.59 per cent. Interest Rates on FCNR (B) Deposits w.e.f 03.01.2005:

Maturity Period

Rate of Interest

 

GBP

US$

EURO

JPY

1 year to less than 2 years

4.69 (4.65)

2.87 (2.73)

2.11 (2.05)

0.07 (0.07)

2 years to less than 3 years

4.61 (4.58)

3.19 (3.18)

2.39 (2.32)

0.10 (0.10)

3 years only

4.62 (4.60)

3.41 (3.46)

2.59 (2.56)

0.20 (0.20)

(The figures in the brackets indicate our existing rates w.e.f. 03.12.2004)

Bank of Baroda has also revised upward, the interest rates on NRE Term deposits with effect from January 3, 2005. Accordingly, the rate has gone up for one year and above but less than two years to 3.62 per cent from 3.48 per cent, for two years and above but less than three years to 3.94 per cent from 3.93 per cent and for three years and above but up to five years the rate has gone down to 4.16 per cent from 4.21 per cent. Interest Rates on NRE Term Deposits w.e.f 03.01.2005:

Maturity Range

Interest Rates

Annualised Yield

1 year and above but less than 2 years

3.62 per cent (3.48)

3.65 per cent

2 years and above but less than 3 years

3.94 per cent (3.93)

4.06 per cent

3 years and above but up to 5 years

4.16 per cent (4.21)

4.37 per cent

(Figures in brackets indicate the previous rate of interest i.e. effective from 03.12.2004)


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BoB revises FCNR (B) and NRE term deposits interest rates