Fintotal News Analysis | ICICI Bank raises interest rate on FCNR deposits
ICICI Bank raises interest rate on FCNR deposits
Ruby Jacob, 09 May 2012

ICICI Bank has hiked interest rate on Foreign Currency Non Resident account. Effective from 8 May, rate has been raised by 75 basis points and 175 basis points on foreign currency deposits of tenure 1-2 years and 3-5 years respectively.

New rates are summarized below:

Maturity Period

USD

GBP

EUR

JPY

CAD

AUD

1 year to less than 2 years

3.05

3.86

3.30

2.55

4.05

6.95

2 years to less than 3 years

2.56

3.38

2.95

2.35

3.69

5.70

3 years to less than 4 years

3.67

4.47

4.07

3.36

4.81

6.76

4 years to less than 5 years

3.88

4.58

4.25

3.38

4.92

6.99

5 years

4.11

4.70

4.45

3.43

5.03

7.09

FCNR deposits are made by NRIs to take advantage of higher interest rate regime in India. Foreign Currency deposits can be made in popular currencies like US Dollar, GB Pound, Japanese Yen, Euro, Canadian Dollar, Australian Dollar, etc. Deposits are held for a period of one to five years. 

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