SBI hikes foreign currency deposit rates

Country's largest lender State Bank of India (SBI) today hiked its interest rates on foreign currency non-resident (B) account deposits and non resident external (NRE) term deposits with effect from tomorrow.     

FCNR(B) deposits in US dollar, having a maturity of 1-2 years, will now attract an interest of 2.96 per cent, against 2.46 per cent earlier, the bank said in a statement here.     

Rates for deposits having a 2-3 years, 3-4 years and 4-5 years tenures have been hiked to 3.06 per cent (2.56), 3.38 per cent (2.88) and 3.6 per cent (3.10) respectively, the statement said.    

Deposits in euro and pound for 1-2 years maturity, would now attract 5.08 per cent (4.58) and 5.77 per cent (5.27) each.     

Similarly, interest rate for NRE deposits having a tenure of 1-2 years have been increased to 3.71 per cent (3.21).     

NRE deposits in 2-3 years and 3-5 years maturities have also been raised to 3.81 per cent(3.31) and 4.13 per cent (3.63) respectively, the bank said.