SBT NRI business grows 27%

State Bank of Travancore (SBT) has recorded a growth of 27.21 per cent in NRI business, up to February 2012 (growth of Rs 3,146 crore). Of this, Rs 442 crore is on account of the increase in interest rate due to deregulation of interest rates for NRE term deposits. The bank increased NRE TD rate from 3.82 per cent in December 2011 to 9.5 per cent from January 2012. SBT is the top recipient of inward remittances in Kerala. It has remittance arrangements with 34 exchange companies and one bank in the West Asia.