M’belle: Syndicate Bank hikes interest rate on NRE Deposits

By Eugene Moodubelle
Bellevision Media Network

Moodubelle, 22 January 2012: Interest rates on Non-Resident (External) Rupee (NRE) Term Deposits have been deregulated by Reserve Bank of India on December 16, 2011. After the deregulation almost all the banks have hiked their interest rates on Non-Resident (External) Rupee (NRE) Term Deposits in December 2011/ January 2012.

Mrs. Blossom D’Souza

 

In this respect, Mrs. Blossom D’Souza, Syndicate Bank’s Branch Manager in Moodubelle, speaking to this reporter said that the Syndicate Bank has increased the interest rate on NRE Deposits substantially. According to her the interest rate for NRE Deposits for 1 to 3 years is 9.35 percent and for 3 to 5 years is 9.25 percent. 

 

Mrs. Blossom D’Souza further informed Bellevision that quite a number of NRIs are not aware of the recent hike in the interest rates for the NRE Deposits. She has made an appeal through Bellevision to bring the information  of increased interest rates offered by the Syndicate Bank, Moodubelle Branch not only to those in native place but also to those who are in Gulf and other countries.