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SBI raises NRI deposit rates

SBI raises NRI deposit rates
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First Published: Tue, Dec 27 2011. 12 05 PM IST

Updated: Tue, Dec 27 2011. 12 05 PM IST
Mumbai: State Bank of India, the country’s biggest lender, has raised term deposit rates for non-resident external accounts by up to 574 basis points from 1 January.
Deposits below Rs10 million will earn interest rates of 9.25%, while those above Rs10 million will earn 9% for 1-2 years maturity from 3.82% earlier, it said in a press release.
The Reserve Bank of India deregulated interest rates on non-resident external (NRE) rupee deposits and ordinary non-resident accounts earlier this month to provide greater flexibility to banks to attract dollars.
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First Published: Tue, Dec 27 2011. 12 05 PM IST
More Topics: SBI | NRI rates | Bank | RBI | Interest rates |