Indian Bank ICICI increases NRI deposit rates

New Delhi, March 29, 2006

• Indian Bank ICICI has announced that it has increased its interest rates on FCNR deposits. effective from March 29, 2006.
• HDFC Bank and Bank of Baroda had also hiked the interest rates on its FCNR Deposits.
• 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.
• FCNR deposits, The rates for one year, denominated in pounds has been revised to 4.67% from 4.42% earlier.
• 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.