SBI hikes interest rates on FCNR, NRE deposits

SBI hikes interest rates on FCNR, NRE deposits
PTI
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First Published: Mon, Nov 17 2008. 03 50 PM IST
Updated: Mon, Nov 17 2008. 03 50 PM IST
Mumbai: State Bank of India (SBI) has hiked interest rates on its foreign currency and rupee deposits by non-residents with effect from today.
For NRE (rupee) deposits for a duration of one year to less than two years, the rate has been increased to 4.92% from the earlier 4.17%, a release issued here said.
For two years to less than three years and three years to five years, the rate has been raised to 4.41% from 3.66% and 4.89% from the earlier 4.14%, respectively, it said.
For FCNR (B) dollar-denominated deposits, the interest rate has been hiked to 4.17% from 3.42% and for two years and above but less than three years, the new rate is 3.66% from the earlier 2.91%.
For three years and above but less than four years and four years and above but less than five years, the rates have been increased to 4.14% and 4.49% each.
For five years duration, the new rate is 4.76%, against the earlier 4.01%, the release said.
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First Published: Mon, Nov 17 2008. 03 50 PM IST