Federal Bank accepts Foreign Currency Deposits in 9 currencies.
Posted on: 04/Nov/2011 7:04:54 AM
Federal Bank today announced that they have started accepting FCNR deposits in three more currencies with effect from 01.11.2011. The Bank now accepts FCNR Deposits in nine currencies namely, USD, GBP, EUR, JPY, CAD, AUD, CHF, HKD and SGD
The Bank has also hiked the interest rates on Non Resident Term Deposits. For FCNR deposits in US Dollar, the revised rates for 1 year to less than 2 years, 2 years to less than 3 years, 3 years to less than 4 years, 4 years to less than 5 years and 5 years only are 1.94%, 1.61%, 1.77%, 2.05% and 2.37% respectively.
Revised rates of interest for NRE term deposits for 1 year to less than 2 years, 2 years to less than 3 years and 3 years and above would be 2.69%, 2.36% and 2.52% respectively.
