New Delhi, Jan 4 (PTI) Oriental Bank of Commerce todaysaid it has hiked interest rates for deposits in foreigncurrency non-resident (FCNR) accounts.
The bank has revised the interest rates on FCNR (Banks)deposits with effect from January 4, 2018, it said in astatement.
For the USD FCNR (B) deposits of one year and less thantwo years, the interest rate has been revised upwards to 3.06per cent from existing 2.78 per cent.
For over two years to less than three years, the ratehave been fixed at 3.30 per cent against 2.80 per cent.
Among others, maturities of over three years and lessthan four years will earn an interest rate of 3.35 per cent(against 2.85 per cent).
For deposits maturing in four years and less than fiveyears, the new rates will be 3.40 per cent (from 2.95 percent) and for FCNR accounts for deposits up to five years, thenew rate will be 3.45 per cent from 3 per cent.
The bank has also increased FCNR (B) interest rates forGBP (British Pound) from 1.55-1.75 per cent to 1.73-2.05 percent, and for EUR (Euro) from 0.30-0.45 per cent to 0.55-0.99per cent across various maturities.
"The revised rates are one of the best in class amongpublic sector banks," it said further.
Apart from these three foreign currencies, the bank alsooffers FCNR accounts in Australian Dollar, Canadian Dollar andJapanese Yen.
Stock of Oriental Bank of Commerce closed 3.71 per centup at Rs 124.25 on BSE. PTI KPMANU.
This is unedited, unformatted feed from the Press Trust of India wire.