From correspondents in Kerala, India, 11:03 AM IST

South Indian Bank has hiked the interest rates on NRE term deposits by up to 0.50 per cent for various maturities.

As per revised rates, interest rate on NRE deposits of 1year to less than 2 years and 2 years to less than 3 years has been increased to 3.71 per cent from 3.21 per cent and 3.81 per cent from 3.31 per cent respectively.

Interest rates on deposits of 3 years upto and inclusive of 10 years have been raised to 4.13 per cent from 3.63 per cent .

Interest rate on 1year to less than 2 years FCNR deposits denominated in US Dollars have been increased to 2.96 per cent from 2.46 per cent, on two-less than three years to 3.06 per cent from 2.56 per cent, for three-less than four years to 3.38 per cent from 2.88 per cent, for four to less than five years to 3.60 per cent from 3.10 per cent. For five year deposits, the rate will be 3.76 per cent.(up from 3.26 per cent ) .

Similar revisions have been made in FCNR deposits in denominations of Pounds and Euro, previous rates being given in brackets .

FCNR deposits in Pound Sterling will carry 5.77 per cent(5.27), 5.15 per cent(4.65), 5.13 per cent(4.63), 5.08 per cent(4.58) and 5.03 per cent(4.53) for the respective periods.

The corresponding rates for deposits in Euro are 5.08 per cent(4.58), 4.63 per cent(4.13), 4.53 per cent(4.03), 4.48 per cent(3.98) and 4.43 per cent(3.93).

Source: Press Release Distribution via India PRwire