SBI hikes interest rates on FCNR, NRE deposits

SBI hikes interest rates on FCNR, NRE deposits

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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