SBI hikes interest rates on NRE term deposits

Mumbai, May 3: The country's premier public sector bank, State Bank of India (SBI), has revised upwards the interest rates for its FCNR (B) and NRE term deposits, said a release here today.

The rate for NRE term deposits has been increased from 6.30 per cent to 6.33 per cent for a maturity of one year to less than two years, to 6.34 per cent for a maturity of two years to less than three years and 6.35 per cent for three years up to five years.

The rate of interest for dollar-denominated FCNR (B) deposits has been increased from 5.29 per cent to 5.33 and 5.34 per cent for maturities of one year and above but less than two years and for two years and above to less than three years respectively.

For a maturity period of three years to less than four years, the rate has been hiked from 5.27 per cent to 5.35 per cent while for the period of four years and above but less than five years, the rate has been increased from 5.30 per cent to 5.39 per cent.

For deposits with a maturity period of five years only, the rate has been increased from 5.31 per cent to 5.43 per cent.

All the revised rates are with effect from May 1, 2006, stated the release.

UNI