Axis Bank hikes NRE deposit rates by 50-75 bps

Axis Bank, India’s third largest private sector bank, has increased interest rates on Non-Resident External (NRE) fixed deposits for tenures above three years by 50-75 basis points (bps), with effect from August 24.

The bank also increased interest rates on Foreign Currency Non-Resident (FCNR-B) deposits of tenures over three years by 100 bps, effective from August 17. Similarly, the rates for fixed deposits in other currencies have been hiked by one percentage point, the bank said.

For NRE fixed deposits of three to five years, the interest rate has been raised to 9.50 per cent from 8.75 per cent and for 5-10 years, it has been revised to 9.25 per cent from 8.50 per cent.

IDBI Bank

IDBI Bank has hiked FCNR (B) deposits for the tenor of three years and above by 100 basis points across all nine currencies.

In respect of NRE deposits, the rates have been hiked for tenors of more than three years and up to seven years by 25-50 bps. The bank is now offering a peak interest rate of 9.5 per cent on NRE deposits as a result of the revision.

Lakshmi Vilas Bank

Meanwhile, Lakshmi Vilas Bank also increased its lending and deposit rates. The bank hiked its base rate or the minimum lending rate by 25 bps to 11.25 per cent (from 11 per cent).

Its fixed deposit rates have been raised by 75-275 bps in select maturities ranging from 15 days to 270 days. The revised rates will come into effect from August 26.

beena.parmar@thehindu.co.in

Source: thehindubusinessline