SBI Hike 1 % Deposit Rates on foreign currency
State Bank of India revised upwards interest rates on FCNR-B and NRE rupee deposits in foreign currencies by up to 1 percent.
State Bank has also increased interest rates on NRE fixed deposits by1 percent. Interest rate on FCNR-B deposits has increased by 25 basis points (0.25 %) in all the six currencies–US Dollar, Euro, British Pound, Canadian dollar, Australian Dollar and Japanese Yen, SBI.
For FCNR deposits, in USD terms, the revised interest rates has been fixed at 2.19 % as against 1.94 % for deposits of one year and above but less than two years, it said.
The rates for deposits of 3 years and above but less than 4 years has been hiked to 2.02 % from the existing 1.77 %.
For deposits of 4 years and above but less than 5 years has been fixed to 2.30 % from the existing 2.05 %.
Besides, another public sector bank Oriental Bank of Commerce has raised such deposit rates by similar percentage points.
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