SBI, Kotak raise NRE interest rates

State Bank of India (SBI) and Kotak Mahindra Bank today raised interest rates on non-resident deposits.

SBI said interest rates on non-resident (external) rupee (NRE) term deposits would be raised by up to 574 basis points across maturities from January 1. The maximum tenure for these deposits has been increased from five to 10 years.

For NRE term deposits less than Rs 1 crore, SBI would offer a uniform 9.25 per cent across maturities. The bank would pay 8.75-9 per cent on deposits above Rs 1 crore, depending on the tenure.

The new rates would apply on fresh deposits and renewal of maturing deposits. The bank would not pay any interest if such deposits are withdrawn before a year.

 

Kotak Mahindra Bank raised NRE term deposit rates effective today. The bank would offer 8.50-9.25 per cent on these across maturities.