Mumbai: Bank of Baroda has raised the interest rates on FCNR (B) deposits with effect from May 5, 2004.

The interest rates have gone up from 1.46 per cent to 1.58 per cent in USD deposits for one year up to two years, from 2.37 per cent to 2.48 per cent for two years up to three years and from 2.85 per cent to 3.05 per cent for three years.

In sterling pound deposits, the interest rates have gone up from 4.54 per cent to 4.64 per cent for one year up to two years, from 4.72 per cent to 4.81 per cent for two years up to three years, and from 4.85 per cent to 4.94 per cent for three-year deposits.

In the case of euro deposits, the interest rates have gone up from 1.94 per cent to 2 per cent for one year up to two years, from 2.39 per cent to 2.43 per cent for two years up to three years, and from 2.74 per cent to 2.79 per cent for three years.

Interest rates on FCNR (B) deposits wef May 5, 2004 (Figures in brackets indicate existing rates wef April 28, 2004)

Maturity period	Rate of interest
	GBP	US$	Euro	JPY
1 year to less than 2 years	4.64 (4.54)	1.58 (1.46)	2.00 (1.94)	0.07 (0.07)
2 years to less than 3 years	4.81 (4.72)	2.43 (2.37)	2.43 (2.39)	0.10 (0.10)
3 years only	4.94 (4.85)	3.05 (2.85)	2.79 (2.74)	0.20 (0.20)

(Figures in the brackets indicate existing rates w.e.f. April 28, 2004)

Bank of Baroda raises interest rates on NRE term deposits

Based on a Reserve Bank of India directive, the bank has also revised the interest rates on NRE term deposits with effect from May 4, 2004. Accordingly, interest rates for deposits for one year and above but up to two years has gone up to 1.85 per cent pa from 1.40 per cent, for two years to three years the rate has gone up to 2.70 per cent from 2 per cent, and for three years to five years to 3.30 per cent from 2.50 per cent.

Interest rates on NRE term deposits wef May 4, 2004 will now be: (Figures in brackets indicate the previous rate of interest)

Maturity range	Interest rates	Annualised yield
1 year and above but less than 2 years	1.85% (1.40)	1.86%
2 years and above but less than 3 years	2.70% (2.00)	2.76%
3 years and above but up to 5 years	3.30% (2.50)	3.45%