Corp Bank hikes NRE deposit rates

Corporation Bank has increased the interest rates on Non-Resident External (NRE) term deposits with effect from December 30.

A bank release said here on Saturday that the bank has increased the interest rates offered on NRE term deposits up to 9.50 per cent in a bid to attract foreign currency inflows amid a depreciating rupee.

The bank is now offering 9.50 per cent (3.82 per cent) on NRE deposits with maturity ranging from one year to less than two years, and 9.25 per cent on NRE deposits with maturity ranging from two years to less than five years. Earlier, the bank was offering 3.51 per cent for two years to less than three years and 3.64 per cent for three years to less than 10 years.

The release said that NRE deposits of maturity period of five years and above stand withdrawn.

vinayakj@thehindu.co.in