SBI hikes rates for NRI deposits

The new rates are valid for all fresh deposits and renewals of existing deposits made in May 2006.

After a marginal increase in home loan rates, prime lending rate (PLR) and domestic deposit rates, the largest bank of the country State Bank of India (SBI) on Wednesday revised upwards the interest rates on Non Resident Indian (NRI) deposits.

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The revised rates on Non Resident External (NRE) term deposits of one year to less than two years are 6.33 per cent, two years to less than three years 6.34 per cent and three years to five years are 6.35 per cent with effect from May 1, the bank said in a statement.

The rates are valid for all fresh deposits and renewals of existing deposits made in May 2006.

The bank also hiked the interest rates on Foreign Currency Non-Resident (FCNR) deposits for USD, Euro, Pound, Canadian Dollar and Australian Dollars.

The revised FCNR interest rates for USD deposits of one years and less than two years is 5.33 per cent per annum, for two years and above but less than three years is 5.34 per cent three years and less than four years is 5.35 per cent, four years and less than five years is 5.39 per cent and for deposits of five years only, the rates will 5.43 per cent per annum, the release added.