From correspondents in Maharashtra, India, 01:02 AM IST

India's largest private sector lender ICICI Bank announced late Monday evening an increase in its interest rates on its NRE and FCNR deposits by 50 basis points, effective Sep 17.

'The one-year NRE deposit rate has been increased by 50 bps to 3.7 percent. For FCNR(B) deposits denominated in US dollar, the interest rate for one-year has been increased by 50 bps to 2.96 percent whereas for FCNR(B) deposit denominated in British pound, the rate has been increased to 5.77 percent,' it said in a release.

The bank has also made similar revisions in deposits made in currencies like euro, Japanese yen, Australian dollar and Canadian dollar.

The decision comes in wake of the Reserve Bank of India's recent measures to alleviate transient pressure after the fall in the Wall Street.

(Staff Writer, © IANS)