The revised rates come into effect from August 1, a press release issued here stated.
Interest on NRE rupee term deposits for a tenure of one year and above but less than two years has been lowered to 2.79 per cent from 2.92 per cent, while that on two-years and above but less than three years has been lowered to 2.49 per cent from 2.72 per cent.
For a period of three years, the new rate will be 2.82 per cent against the earlier 3.08 per cent, the release said.
For FCNR (B) and resident foreign currency (RFC) US dollar-denominated deposits, the interest rate has been lowered to 2.04 per cent from 2.17 per cent for a period of one year and above but less than 2 years, it said.
For two-years and above but less than 3 years, the interest rate has been lowered to 1.74 per cent from 1.97 per cent while for three years and above but less than four years, the new rate is 2.07 per cent against 2.33 per cent earlier, the release said.
For four-years and above, but less than five-years, the new rate is 2.43 per cent as against the earlier 2.71 per cent.
For a tenure of five-years, the new rate will be 2.79 per cent against the earlier 3.05 per cent, the release said.