SBT hikes NRE deposit rates

State Bank of Travancore (SBT) has announced a hike in interest rates for NRE deposits with effect from October 2.

The revised rate for NRE term deposits for periods from 1 year to less than 2 years will be 2.61 per cent, for 2 years to less than 3 years it is 2.31 per cent and for 3 years and above up to 5 years it would be 2.47 per cent.

The interest rate for FCNR deposits in US dollars will be 1.86 per cent for a period of 1 year to less than 2 years, 1.56 per cent for 2 years to less than 3 years, 1.72 per cent for 3 years to less than 4 years, 1.98 per cent for 4 years to less than 5 years and 2.24 per cent for 5 years.

For deposits in Pound Sterling, the corresponding rates will be 2.72 per cent, 2.29 per cent, 2.41 per cent, 2.61 per cent and 2.80 per cent.

The corresponding rates for deposits in Euro will be 3.04 per cent, 2.52 percent, 2.61 percent, 2.80 percent and 2.99 percent, respectively.

The rate for RFC term deposits for six months to less than one year will be 1 per cent, 1 year to less than 2 years 1.86 percent, 2 years to less than 3 years 1.56 percent and for 3 years 1.72 per cent, a bank press release said.

Fuel outlets to remain closed on Nov 1,2

All Kerala Petroleum Dealers Association on Tuesday announced that all petrol and diesel retail outlets in Kerala would remain closed for two days, on November 1 and 2. This is in protest against the decision of the oil marketing companies to open new outlets in the state. The companies had decided to open 900 new outlets across the state and invited applications for the same.