Banks revise interest rates

Mumbai, June 1 (UNI) State bank of India (SBI), Bank of India (BoI) and Union bank of India (UBI) today hiked interest rates on Foreign currency (Non-Resident) Accounts (FCNR) and Non-resident (external) rupee deposits (NRE) in USD, Sterling pound, Euro, Australian Dollar, Canadian Dollar and Yen for all maturity periods today.

While the interest rates on FCNR deposits for maturity period more than one year and less than two year have been increased to 4.64 (4.55) in USD, rates for five year deposits were hiked to 4.57 in USD from 4.29 earlier.

For Non-Resident (external) rupee deposits (NRE) having duration 1 year to less than 2 years, the rates were hiked to 5.39(5.30). For duration 3 years to 5 years the rate was hiked to 5.30 from 5.01 earlier.

The revised rates will come in to effect from June 1, said sources.

UNI