andhra bank domestic term deposit interest rates

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Tata Technologies stock debuts at a bumper 140% premium share price at Rs 1200 on BSE.UltraTech to buy building materials business of Kesoram in 7,600 crore deal.'The government wants remittances from abroad to help ease the CAD (current account deficit situation),' Abraham Thariyan, executive director, South Indian Bank, said.

South Indian Bank has also hiked its NRE max deposit rate (three to five years) to 9.5% while interest rate on domestic term deposit of three and up to 10 years fetches 8.75%. In the past, the government has relied on State Bank of India to raise funds from NRIs through the Resurgent India Bonds in 1998 and India Millennium Deposits in 2001. Bankers said that a hike in NRE rates of long-term maturities is a more cost-effective way of raising resources from abroad when compared to NRI bonds as the latter would entail additional costs like having roadshows overseas. 'A higher NRE rate than the domestic term rate would give a further boost to the remittances business,' said A Surendran, head, retail and international banking, Federal Bank. The bank has seen a 50% growth in its NRE deposits in the first quarter of FY14 when compared to the same period last year.

Andhra bank domestic term deposit interest rates