ICICI Bank has announced that it has increased its interest rates on FCNR deposits. The new rates are effective from March 29, 2006. Interest rates on FCNR deposits for all currencies (other than JPY) and tenures have been increased by 25 bps. With this increase the current interest rate for 1 year FCNR deposits denominated in US Dollars stands at 5.15% pa, while the rates for one year FCNR deposits denominated in Euro has been revised to 2.98% from 2.73% earlier.
The rates for one year FCNR deposits denominated in pounds has been revised to 4.67% from 4.42% earlier. HDFC Bank and Bank of Baroda had also hiked the interest rates on its FCNR Deposits. The interest rates for deposits in all these currencies have been hiked by 0.25 basis points after the hike in FCNR Deposit rates announced by RBI on March 28, 2006.