SBI hikes interest rates on FCNR, NRE deposits

Country largest private sector lender State Bank of India has hiked interest rates on its foreign currency and rupee deposits by non-residents with effect from Monday.

Country largest private sector lender State Bank of India has hiked interest rates on its foreign currency and rupee deposits by non-residents with effect from Monday.

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For NRE (rupee) deposits for a duration of one year to less than two years, the rate has been increased to 4.92 per cent from the earlier 4.17 per cent, a release issued here said.

For two years to less than three years and three years to five years, the rate has been raised to 4.41 per cent from 3.66 per cent and 4.89 per cent from the earlier 4.14 per cent, respectively, it said.

For FCNR (B) dollar-denominated deposits, the interest rate has been hiked to 4.17 per cent from 3.42 per cent and for two years and above but less than three years, the new rate is 3.66 per cent from the earlier 2.91 per cent.

For three years and above but less than four years and four years and above but less than five years, the rates have been increased to 4.14 per cent and 4.49 per cent each.

For five years duration, the new rate is 4.76 per cent, against the earlier 4.01 per cent, the release said.