SBT revises FCNR rates

Thiruvananthapuram:    State Bank of Travancore (SBT) has revised the interest rates on FCNR deposits in US dollars, pound sterling and euro with effect from 25 July 2003.

The revised rate for US dollar deposits of one year to less than two years is 0.98 per cent, two years to less than three years 1.46 per cent and for three years 2.04 per cent, according to an SBT statement.

The rate for pound sterling deposits of one year to less than two years is 3.16 per cent, two years to less than three years 3.38 per cent and for three years it is 3.60 per cent. The rates for euro deposits for the above periods are 1.85 per cent, 2.17 per cent and 2.50 per cent, respectively.

The interest rates on NRE deposits have also been revised with effect from 25 July. The new rate for deposits of one year to less than two years is 3.70 per cent, two years to less than three years 4.20 per cent and three years, 4.80 per cent.