The Bank of India has decided to hike the interest rates on foreign currency non-resident deposits denominated in dollar, sterling pound and euro from July 9, 2003.

The FCNR deposits denominated in dollar with one year to less than two-year maturity would attract a rate of 0.94 per cent as against 0.80 per cent earlier, the BOI said in a release on Monday.

The dollar deposits with two years to less than three-year tenure would carry 1.22 per cent interest rate (one per cent earlier), the release said.

Similarly, the pound denominated deposits with one year to less than two-year maturity would attract a rate of 3.30 per cent (3.25 per cent) and those with two years to less than three years - 3.35 per cent (3.25 per cent), it added.

The euro FCNR deposits with one year to less than two-year maturity would carry a rate of 1.80 per cent (1.70 per cent), it added.

The state-owned bank has not revised the interest rates on FCNR deposits denominated in Japanese yen.