Oriental Bank of Commerce today said it has hiked interest rates for deposits in foreign currency non-resident (FCNR) accounts. The bank has revised the interest rates on FCNR (Banks) deposits with effect from January 4, 2018, it said in a statement. For the USD FCNR (B) deposits of one year and less than two years, the interest rate has been revised upwards to 3.06 per cent from existing 2.78 per cent. For over two years to less than three years, the rate have been fixed at 3.30 per cent against 2.80 per cent. Among others, maturities of over three years and less than four years will earn an interest rate of 3.35 per cent (against 2.85 per cent).
For deposits maturing in four years and less than five years, the new rates will be 3.40 per cent (from 2.95 per cent) and for FCNR accounts for deposits up to five years, the new rate will be 3.45 per cent from 3 per cent. The bank has also increased FCNR (B) interest rates for GBP (British Pound) from 1.55-1.75 per cent to 1.73-2.05 per cent, and for EUR (Euro) from 0.30-0.45 per cent to 0.55-0.99 per cent across various maturities.
“The revised rates are one of the best in class among public sector banks,” it said further. Apart from these three foreign currencies, the bank also offers FCNR accounts in Australian Dollar, Canadian Dollar and Japanese Yen. Stock of Oriental Bank of Commerce closed 3.71 per cent up at Rs 124.25 on BSE.