HDFC Bank revised rates of Foreign Currency, Non-Resident, RFC, NRE, EEFC Deposits

HDFC Bank the second largest private sector bank in the country has revised the interest rates of Foreign Currency, Non-Resident, RFC, NRE and EEFC Deposits. The rates will come into effect from September 1, 2008.

FCNR (B) deposits in US Dollar, having tenure of one year to less than two years, will have an interest rate of 2.45 per cent, while rate on the deposits with maturity of 2-3 years and 3-4 years has been set to 2.55 per cent and 2.88 per cent.

Bank sources said deposits having tenure of five years, will have an interest of 3.25 per cent.

Bank stated Euro deposits, having tenure of 1-2 year period, the revised rate was set at 4.57 per cent while for 2-3 years and 3-4 years, the interest rates will be 4.13 per cent and 4.02 per cent, respectively.

Bank further stated similarly for deposits in Pound, the rates have been revised to 5.27 per cent, for tenure 1-2 years whereas for maturities of 2-3 years and 3-4 years, rates have been revised to 4.65 per cent and 4.62 per cent respectively.

Bank sources said NRE deposits having a maturity period of 1-2 years the rates were revised the rates to 3.21 per cent while for 2-3 years and for the deposits with 3-5 years maturity period, the rates have been revised to 3.31 per cent and 3.63 per cent respectively.

Bank further added for Exchange Earners Foreign Currency (EEFC) deposits having maturity period of 30 days the rates on deposits will be 2.00 per cent whereas on 31-90 days the rates will be 2.24 per cent.