SBT revises FCNR term deposit interest rates

Interest rate on dollar deposits to be 1.53% for one year to less than two years, 1.52% for two years to less than three years

State Bank of Travancore has revised interest rates on FCNR term deposits with effect from June 1.

The interest rate for FCNR (Foreign Currency Non-Resident) deposit in US dollars will be 1.53 per cent for one year to less than two years, 1.52 per cent for two years to less than three years, a bank release said here today.

It would be 3.91 per cent for three years to less than four years, 4.29 per cent for four years to less than five years and 4.62 per cent for five years.

For deposits in Pound Sterling, the corresponding rates will be 1.94 per cent, 2.13 per cent, 4.48 per cent, 4.76 per cent and 4.99 per cent, respectively.

The corresponding rates for deposits in Euro will be 1.52 per cent, 1.38 per cent, 3.48 per cent, 3.61 per cent and 3.77 per cent, respectively.

Interest rates for RFC (Resident Foreign Currency) term deposits will be one per cent for six months to less than one year, 1.53 per cent for one year to less than two years, 1.52 per cent for two years to less than three years and 3.91 per cent for three years.