SBI raises foreign currency deposit rates
17 Sep 2008
Mumbai: State Bank of India, the country's largest lender, has announced a hiked its interest rates for foreign currency non-resident deposits and non-resident external term deposits with effect from Thursday.
Under the revised rates, FCNR (B) deposits in US dollar, having a maturity of 1-2 years, will now attract an interest of 2.96 per cent against 2.46 per cent earlier, the bank said in a statement.
Rates for deposits having a 2-3 years, 3-4 years and 4-5 years tenures have been hiked to 3.06 per cent (2.56), 3.38 per cent (2.88) and 3.6 per cent (3.10) respectively.
Deposits in euro and pound of 1-2 years maturity, would now attract 5.08 per cent (4.58) and 5.77 per cent (5.27) each.
Similarly, interest rate for NRE deposits having a tenure of 1-2 years have been increased to 3.71 per cent (3.21).
NRE deposits of 2-3 years and 3-5 years maturities have also been raised to 3.81 per cent (3.31) and 4.13 per cent (3.63) respectively, the bank said.
