OREANDA-NEWS. May 14, 2012. IDBI Bank has decided to increase the Interest rates on Foreign Currency Non Resident (Bank) deposits up to 175 basis points (bps), with retrospective effect from May 5, 2012. The Interest rates on FCNR (B) deposits are linked to London Inter Bank offer Rate (LIBOR) / Swap rates and are revised every month as per the LIBOR / Swap rates obtaining on the last working day of the previous month. The revised rates on FCNR (B) deposits are as under: -

Ini

terest Rate on FCNR (B) Deposits

Maturity Period

Current Rates

Revised Rates

1yr - less than 3yrs

LIBOR/Swap plus 125 bps

LIBOR/Swap plus 200 bps

3 yrs - 5yrs

LIBOR/Swap plus 125 bps

LIBOR/Swap plus 300 bps

The Interest Rates have been revised across all permitted currencies i.e. US Dollar, Pound Sterling, Euro, Canadian Dollar and Australian Dollar (details given below).

Currency-wise revised Interest Rate on FCNR (B) Deposits effective May 5, 2012

(In %)

Maturity Period

USD

GBP

EUR

AUD

CAD

1yr - less than 2yrs

3.05

3.86

3.30

6.95

4.05

2yrs - less than 3yrs

2.56

3.38

2.95

5.70

3.69

3yrs - less than 4yrs

3.67

4.47

4.07

6.76

4.81

4yrs - less than 5yrs

3.88

4.58

4.25

6.99

4.92

5yrs only

4.11

4.70

4.45

7.09

5.03