Indian public sector lender Oriental Bank of Commerce Tuesday announced a revision in its interest rates on Foreign Currency Non-Resident B deposit scheme FCNR with immediate effect, following the Reserve Bank of India's decision recently to relax norms on such rates to boost foreign currency inflows in the country.

The FCNR deposit rates have been revised across various maturity buckets from years for the US-dollar, British pound, euro, Japanese yen, Canadian dollar and Australian dollar, Oriental Bank of Commerce said in a statement. The US-dollar deposit rate has been revised to 3.

The British-pound deposit rate has been revised to 3.

The euro deposit rate has been revised to 3. The Japanese yen deposit rate has been revised to 2.

The Canadian-dollar deposit rate has been revised to 4. The Australian-dollar deposit rate has been revised to 6.

ORIENTAL BANK OF COMMERCE

Last week, the RBI raised the interest rate cap on FCNR deposits and allowed banks to freely determine interest rates on export credit in foreign currency to boost overseas money flows, after the rupee touched further lows against the US dollar this year.

Shares of Oriental Bank of Commerce Tuesday were trading at Rs Oriental Bank of Commerce revises rates on foreign currency deposits.

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