Mumbai: State Bank of India (SBI) has hiked interest rates on its FCNR (B) and NRE (Rupee) deposits.
The hike has come into effect from 1 July, a press release issued here today stated.
Dollar-denominated FCNR (B) deposits of maturities of one year and above but less than two years and two years and above but less than three years, have been revised upwards to 4.68% from 4.64% and 4.57% respectively.
For maturities of three years and above but less than four years and four years but less than five years, the rate has been hiked from 4.55% to 4.71% and 4.75% respectively.
For a maturity of five years, the new rate is 4.79% as against the earlier 4.57%.
With regard to NRE (rupee) term deposit rates, for a duration of one year to less than two years and for two years to less than three years, the interest rates have been revised upwards to 5.43% from 5.39% and 5.32% respectively.
For three to five years duration, the new rate is 5.46% as against the earlier 5.30%.