Public sector lenders State Bank of India (SBI) and Indian Bank today said that it has upped interest rates on its NRE Rupee term deposits with effect from today.
For non-resident external (NRE) deposits of one-year maturity, the rate has been increased from 2.51 per cent to 2.54 per cent, a press release issued here stated.
For a maturity of two-years, the rate has been upped from 2.28 per cent to 2.51 per cent while for three-five years, the rate has been increased from 2.53 per cent to 2.79 per cent, the release said.
Meanwhile, Indian Bank has hiked interest rates on Foreign Currency Non-resident (Banking) FCNR (B) and Non- Residents External (NRE) deposits with immediate effect.
According to a bank statement, for FCNR deposits in American Dollar terms the revised interest rates has been fixed at 1.79 per cent for deposits of one year and above but less than two years compared to the existing 1.76 per cent.
Similarly, for deposits of two years and above but less than three years, it has been increased to 1.76 per cent from 1.53 per cent, it said.
For deposits of three years and above but less than four years, the rates has been increased to 2.04 per cent from 1.78 per cent, it added.
For above four years and below five years, it has been increased to 2.36 from 2.12 per cent and for deposits of five years, it has been fixed at 2.73 per cent from the existing 2.47 per cent.
Besides the Bank has also revised the non-resident external (NRE) rupee account. "The revised interest rate has been fixed at 2.54 per cent for one year and above but less than two years from the existing 2.51 per cent", it said.
The SBI has also increased interest rates on its FCNR (B) deposits, again with effect from today.
For its dollar-denominated deposits of one-year and above but less than two-years, the rate has been increased from 1.76 to 1.79 per cent. For three-years and above but less than four-years, the rate has been upped from 1.78 per cent to 2.04 per cent while for a maturity of five-years, the rate has been upped from 2.47 per cent to 2.73 per cent, the release said.
