Central Bank raises NRE deposit rates

Central Bank raises NRE deposit rates Mumbai: Public sector Central Bank of India on Friday revised upwards interest rates on NRE deposits up to 9.25 percent.

The bank now offers interest of 9 percent for deposits of one year and less than two years and 9.25 percent for deposits of 555 days, the bank said in a note, without offering the existing rates.

The bank also revised interest rates on FCNR-B deposits in many brackets.

While bank will offer interest 3.69 percent for USD deposits of four years to less than five years, 3.92 percent for USD deposits of five years, 4.08 percent for GBP deposits of five years, 3.96 percent for euro deposits of five years, 4.68 percent for Canadian dollar deposits of five years and 6.41 percent for Australian dollar deposits of five years.

The bank said the new rates will be valid till March-end.

Meanwhile, leading NBFC, L&T Infra, a fully-owned subsidiary of L&T Finance, Friday slashed its prime lending rate by 0.25 percent to 15.50 percent.

PTI