South Indian Bank hikes rate on FCNR (B) deposits
southindianbank.com
KOCHI, Nov. 10
SOUTH Indian Bank has announced a hike in interest rates for FCNR (B) dollar deposits effective from November 2. With this revision, FCNR deposits with a maturity period of three years will carry an interest rate of six per cent.
The bank has offered an additional 0.5 per cent extra interest for deposits of $50,000 and above, again for three-year maturity deposits, a fax from the bank has said. The fine tuning of interest rates has been done to assist the flow of NRI remittances and to ensure high return for funds of non-resident Indians, the fax added.
South Indian Bank, which has a NRI deposit base of more than 34 per cent now, expects to improve on this in this financial year.
South Indian Bank
hikes rate on
FCNR (B) deposits
KOCHI: South Indian Bank has announced a hike in interest rates for FCNR (B) dollar deposits effective from November 2. With this revision, FCNR deposits with a maturity period of three years will carry an interest rate of six per cent.
The bank has offered an additional 0.5 per cent extra interest for deposits of $50,000 and above, again for three-year maturity deposits, a fax from the bank has said. The fine tuning of interest rates has been done to assist the flow of NRI remittances and to ensure high return for funds of non-resident Indians, the fax added.
South Indian Bank, which has a NRI deposit base of more than 34 per cent now, expects to improve on this in this financial year. - (Our Bureau - BL) |
