Dena Bank Cuts Foreign Currency Non-Resident Deposit Rate

Mumbai: Dena Bank has lowered interest rates on foreign currency non-resident deposit (FCNR) (B) with effect from Wednesday.

For FCNR (B) deposits of 1 year to less than 2 years, in US Dollar terms, the revised interest rates are 2.48 per cent as compared to 2.51 per cent earlier, the state-run bank said in a statement.

The revised interest rate on FCNR (B) deposits of 2 years to less than 3 years would be 2.82 per cent as against 2.91 per cent, while for deposits of 3 years to less than 4 years, the rates are 4.13 per cent as compared to 4.26 per cent.

The bank would offer an interest rate of 4.38 per cent on FCNR (B) deposits of 4 years to less than 5 years. For FCNR (B) deposits of 5 years only, the rate has been lowered to 4.56 per cent as compared to 4.70 per cent earlier.