State Bank of India has hiked its interest rates on foreign currency non-resident bank deposits and non-resident external rupee term deposits with immediate effect.
FCNR(B) deposits in US Dollar with maturity period of one year to below 2 years will now carry a rate of 1.92% (1.84%) while deposits for 2 years to below 3 years will fetch a rate of 2.24% (2.08%), said a release of the bank.
Similarly, deposits with maturity periods of 3-4 years, 4-5 years, and 5 years will fetch rates of 2.84% (2.69%), 3.34% (3.20%) and 3.75% (3.62%) respectively, the bank said.
Rates for Euro deposits, in 1-2 years and 2-3 years have been altered to 2.19% (2.20) and 2.49 % (2.45%) respectively, the bank said.
Interest rates for NRE deposits with maturity period of 1-2 years, 2-3 years and 3-5 years have been changed to 2.67% (2.59%), 2.99% (2.83%) and 3.59% (3.44%) respectively, the bank said.
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