Mumbai/Chennai: Public sector lenders State Bank of India (SBI) and Indian Bank on Wednesday 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% to 2.54%, a press release issued here stated.

For a maturity of two-years, the rate has been upped from 2.28% to 2.51% while for 3-5 years, the rate has been increased from 2.53% to 2.79%, 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 USD terms the revised interest rates has been fixed at 1.79% for deposits of one year and above but less than 2-year compared to the existing 1.76%.

Similarly, for deposits of two-year and above but less than three-year, it has been increased to 1.76% from 1.53%, it said.

For deposits of three years and above but less than four years, the rates has been increased to 2.04% from 1.78%, it added.

For above four-year and below five-year, it has been increased to 2.36 from 2.12% and for deposits of five-year, it has been fixed at 2.73% from the existing 2.47%.

Besides the Bank has also revised the non-resident external (NRE) rupee account. “The revised interest rate has been fixed at 2.54% for one year and above but less than two-year from the existing 2.51%”, 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 2-years, the rate has been increased from 1.76 to 1.79%. For three-year and above but less than four-year, the rate has been upped from 1.78% to 2.04% while for a maturity of five-year, the rate has been upped from 2.47% to 2.73%, the release said.