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One of the largest public sector bankers, the Bank of Baroda (BoB) has hiked interest rates on Foreign Currency Non-resident Deposits (FCNR). The rates are increased by 20 basis points to a maximum of up to 1.45% on various currencies under FCNR. These interest rates have come into effect from November 16 and will continue till December 15th. Furthermore, the rates will be applicable on fresh and existing FCNR deposits which are renewed on maturity.
Here are the latest interest rates:
FCNR in USD:
In dollar terms, the FCNR rate is hiked by 1.4% from 4 years to 5 years tenures. Now, the rate will be 3.80% on 4 years to less than 5 years tenure from the earlier 2.40%, while the rate will be 3.90% on 5-year tenure from the previous 2.50%.
Further, the bank has raised the rate on 3 years to less than 4 years tenure by 1% to 3.70% compared to the previous 2.70%. While the rates are increased by 45 basis points on 2 years to less than 3 years tenure to 3.45% from the previous 3%, and by 60 basis points on 1 year to less than 2 years tenure to 4.25% from the earlier 3.65%.
FCNR in GBP:
On deposits in pound sterlings, BoB has hiked FNCR rates by 20 basis points on tenures from 3 years to 5 years — with the interest rate coming at 2.45% from the previous 2.25%.
Meanwhile, the rate is hiked by 1.05% on 1 year to less than 2 years tenure to 3.70% from the previous 2.65%. However, the bank trimmed the interest rate by 30 basis points on 2 years to less than 3 years tenure to 2.35% from the previous 2.65%.
FCNR in Euro:
Here, the FCNR rates have been kept unchanged for tenures from 1 year to less than 3 years at 0.50%. But the rates are hiked by 40 basis points to 0.50% on tenures from 3 years to less than 5 years compared to the previous 0.10%. While the FCNR is raised by 35 basis points to 0.50% on a 5-years tenure from the previous 0.15%.
FCNR in Australian Dollars:
The highest hike of 1.45% is made on FCNR in AUD to 3.45% on a 5-years tenure compared to the previous 2%. While the rates are increased by 1.2% on 4 years to less than 5 years tenure to 3.20% from the previous 2%; and have been hiked by 1% on 3 years to less than 4 years tenure to 3% from the earlier 2%.
The interest rates are hiked by 75 basis points on 2 years to less than 3 years tenure to 2.75% from the earlier 2%. Also, on 1 year to less than 2 years tenure, the rate has been raised by 55 basis points to 2.60% from the previous 2.05%.
On its website, BoB has mentioned that no additional interest is permitted to senior citizens and staff on FCNR. Also, these rates are subject to change at the bank’s discretion.
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