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THESE RATES WILL BE APPLICABLE FOR ALL DEPOSITS ACCEPTED AT UAE FOR VALUE DATES September 01, 2010 ONWARDS.
CHANGE IN INTEREST RATES – LOCAL/NRO DEPOSITS
With effect from June 01, 2009, the interest rates on Local and Non-Resident Ordinary (NRO) Rupee Deposits have been revised as per details below:
| Period |
Less than
Rs.5 mio.
|
Above
Rs.5 mio.
|
| 7
DAYS TO 14 DAYS |
2.75
|
2.75
|
15
DAYS TO 45 DAYS
|
3.00
|
3.00
|
46
DAYS TO 90 DAYS
|
4.00
|
4.00
|
91
DAYS TO 179 DAYS
|
5.00
|
5.00
|
180
DAYS TO LESS THAN 1 YR
|
6.25
|
6.25
|
1
YR & ABOVE TO LESS THAN 2 YRS
|
7.25
|
7.00
|
500 Days
|
7.50
|
7.50
|
2
YRS AND ABOVE LESS THAN 3 YRS
|
7.25
|
7.25
|
3
YRS to 5 YRS
|
7.50
|
7.50
|
(Rates
are expressed in % p.a.)
CHANGE IN INTEREST RATES – NRE DEPOSITS
With
effect from September 01, 2010, the interest rates on Non-Resident External
(NRE) Rupee Deposits have been revised as per details below:
NRE
(PERIOD W.E.F. 01.09.2010) |
Rate %
|
1
YR & ABOVE TO < 2 YRS
|
2.59
|
2
YRS & ABOVE TO < 3 YRS
|
2.42
|
3
YEARS
|
2.70
|
NRE Saving Deposit Rate : 3.50 %
(Rates are expressed in % p.a.) These rates are also applicable for
renewals of NRE deposits.
CHANGES IN INTEREST RATES – RFC/CONSULATE ACCOUNTS IN
FOREIGN CURRENCY
With
effect from September 01, 2010 the following rates of interest will be
applicable.
RFC/CONSULATE
|
USD
|
GBP
|
EURO
|
1 MONTH &
ABOVE BUT LESS THAN 6
MONTHS
|
0.88
|
0.73
|
0.83
|
6 MONTHS &
ABOVE BUT LESS THAN 1
YEAR
|
1.34
|
1.46
|
1.39
|
| 1 YEAR & ABOVE
BUT LESS THAN 2
YEARS |
1.84
|
2.46
|
2.39
|
| 2 YEARS &
ABOVE BUT LESS THAN 3
YEARS |
1.67
|
---
|
---
|
| 3
YEARS |
1.95
|
---
|
---
|
SB Account
|
0.53
|
0.73
|
0.71
|
*(Rates are expressed in percentage per amount)
CHANGE IN INTEREST RATES – FCNR DEPOSITS
With
effect from, September 01,2010 the following rates of interest will be
applicable for FCNR deposits.
FCNR**
PERIOD - W.E.F. 01.09.2010 |
USD
|
GBP*
|
EURO*
|
1
YR & ABOVE TO < 2 YRS
|
1.84
|
2.46
|
2.39
|
2
YRS & ABOVE TO < 3 YRS
|
1.67
|
NA
|
NA
|
| 3
YEARS |
1.95
|
NA
|
NA
|
*DEPOSITS IN GBP AND EURO WILL BE ACCEPTED FOR ONE YEAR ONLY.
Please arrange to advise our branches in UAE accordingly.
(Rates of Interest are given as % p.a).
YIELD for NRE deposits
w.e.f 01.09.2010
|
Yield
|
1 YEAR & ABOVE
LESS THAN 2 YEARS
|
2.61
|
2 YEARS ABOVE LESS
THAN 3 YEARS
|
2.46
|
3
YEARS
|
2.81
|
NRE Saving Deposit Rate : 3.50 %
(Rates are expressed in % p.a.) These rates are also applicable for
renewals of NRE deposits.
YIELD for FCNR deposits w.e.f 01.09.2010
|
for US$ deposits
|
1 yr to 2 yrs
|
1.87
|
2
YRS TO 3 YRS
|
1.72
|
3
YEARS
|
2.03
|
Savings NRE 3.5%, Savings NRO 3.5%
- The interest rates for all
schemes
(including FCNR scheme) are fixed at bank's discretion. These
rates
are subject to change without any notice.
- W.E.F. 01/11/99 FCNR deposits
will be accepted for minimum period of 1 year period.
Premature encashment
of FCNR Deposits before 1 year will entail complete forfeiture
of interest.
Differential rate of interest
- In terms of RBI directives, NRE deposits are accepted
for a minimum maturity period of 1 year.
- For deposits above Rs.5 crores, kindly
contact the treasury.
- Interest rates are applicable for fresh and
renewed deposits.
- The deposits placed by Senior Citizens will carry
additional rate
of 0.50%.
Note:
In case of Domestic/NRO deposits no interest will be payable
if the
deposit is withdrawn prematurely prior to 15 days. Similarly
in case of NRE deposits no interest will be payable if the deposit is
withdrawn prematurely prior to completion of one year. In all other
cases 1% penalty as per the present rule will be levied.
NRI
ACCOUNTS
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