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NT Bureau
Chennai, Jan 5:

        Indian Overseas Bank has revised its FCNR (foreign currency - non resident) interest rates upward with effect from 1 January 2007 for all foreign currency deposits.

        The revised rates offered for dollar deposits were: One year to less than two years — 5.33 per cent (5.24 per cent); two years to less than three years 5.16 per cent (5 per cent); three years to less than four years 5.08 per cent (4.91 per cent), four years to less than five years 5.07 per cent (4.89 per cent) and for a maturity of five years only, the rate was 5.09 per cent (4.90 per cent).

        The interest rates for other currencies have also been revised in line with the market trend. The bank has also revised interest rates for NRE (non-resident external) deposits as under: From one year to less than two years 6.33 per cent (6.24 per cent); two years to less than three years 6.16 per cent (6 per cent); and three years and above, but less than five years 6.08 per cent (5.90 per cent).