SBI hikes interest rates on NRE, FCNR deposits | india | Hindustan Times
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SBI hikes interest rates on NRE, FCNR deposits

SBI increased interest rates on NRE and Foreign Currency Non-Resident (Bank) deposits across all maturities.

india Updated: Jun 01, 2006 18:14 IST

State Bank of India on Thursday increased interest rates on Non Resident External (NRE) and Foreign Currency Non-Resident (Bank) deposits across all maturities.

Interest rates on NRE deposits for one year to less than two years and for two years to less than three years have been hiked to 6.43 per cent from 6.33 per cent and 6.34 per cent respectively.

NRE deposits for three years would now attract 6.45 per cent rate of interest from 6.35 per cent earlier, the largest commercial bank of the country said in a release here.

Interest rates on FCNR (B) deposits in US dollar for one year to less than two years and for two years to less than three years, for three years to less than four years, for four years to less than five years and five years have been raised to 5.43 per cent, 5.43 per cent, 5.45 per cent, 5.47 per cent and 5.51 per cent respectively.