ICICI Bank revises NRI deposit rates

Mumbai, Dec. 01, 2005
UNI

ICICI Bank today announced an upward revision in the interest rates for non-resident external (NRE) fixed deposits and foreign currency non-resident (FCNR) deposits, with effect from today.
While the interest rates on NRE fixed deposits increased by upto ten basis points for various maturities, the rates on one-year FCNR deposits, denominated in USD, went up by five basis point. The interest rates on euro denominated FCNR deposits also increased by upto 23 basis point for various maturities.

The bank also increased the maximum tenure of FCNR deposits upto five years and introduced FCNR deposits in Australian and Canadian dollar.

The hike in NRI's deposits follows the hardening of interest rates in major global markets, such as in US.