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

State Bank of India on Saturday hiked the interest rates on its Foreign Currency Non Resident (FCNR) and Non-Resident External (NRE) term deposits.

india Updated: Dec 30, 2006 17:44 IST

State Bank of India on Saturday hiked the interest rates on its Foreign Currency Non Resident (FCNR) and Non-Resident External (NRE) term deposits, with effect from January 1, 2007.

Interest rates on NRE deposits for one year to less than two years have been raised to 6.33 per cent from 6.24 per cent, for two years to less than three years to 6.16 per cent from 6 per cent and for three years to less than five years to 6.08 per cent from 5.91 per cent, SBI said in Mumbai in a release.

Similarly, interest rates of FCNR deposits in dollars for duration of one year to less than two years have been increased to 5.33 per cent from 5.24 per cent, for two years to less than three years to 5.16 per cent from 5 per cent and for three years to less than four years to 5.08 per cent from 4.91 per cent.

For dollar deposits of tenure four years to less than five years the interest rate would be 5.07 per cent and for five years it would be 5.09 per cent, the release added.

Similar revisions have been made for deposits in Pound, Euro, Canadian dollar, Australian dollar and Japanese Yen.