SBI revises NRE, FCNR deposits rates

State Bank of India (SBI) today announced a hike in interest rates on deposits of non-residents, with effect from March 1.

On FCNR (B) dollar-denominated deposits for one to less than two years period, the rate has been increased to 3.12 per cent from 2.98 per cent per annum, a release said.

For two to less than three years period and three to less than four years period, the rates have been increased to 2.69 per cent from 2.57 per cent and 3.07 per cent from 2.93 per cent, respectively, it added.

The interest rate for four years and above but less than five years is increased to 3.40 per cent from 3.24 per cent, while for five years, the rate has been upped to 3.66 per cent from 3.45 per cent, the release said.

For NRE (rupee) term deposits, the rate has been increased to 3.87 per cent from 3.73 per cent for a duration of one year to less than two years, while it has been upped to 3.44 per cent from 3.32 per cent for a duration of two years to less than three years.

For three-five years, the rate has been increased to 3.82 per cent from 3.68 per cent, the release said.