IDBI Bank increases NRE & FCNR deposit rates

Written by fe Bureau | Mumbai | Updated: Aug 23 2013, 08:44am hrs
IDBI Bank has increased interest rates on foreign currency non-resident (FCNR) and non-resident external (NRE) deposits across select maturity buckets, the bank said on Thursday.

The bank increased FCNR rates by 100 basis points (bps) for deposits on three years and above. For NRE deposits, the rates have been hiked by 50 bps to 9.50% for 3-5 years and by 25 bps to 9% for 5-7 years.

The changes will be effective from August 20 and will be valid up to November 30, the bank said.