SBI hikes FCNR deposit rates

Mumbai, June 3 (UNI) The counry's largest public sector lender State Bank of India (SBI) has hiked interest rates on foreign currency non-resident bank (FCNR) term deposits with effect from June 1.

The deposits under FCNR in US Dollar, for one to two year would now draw an interest rate of 2.41 per cent against exisiting rate of 2.33 per cent. The iterest rate for the maturity period of 2-3 years has been revised to 2.71 per cent from existing rate of 2.43 per cent earlier, SBI said in a statement here today.

For deposits having a maturity of five years, the rate would be 3.47 per cent, against the existing 3.11 per cent, SBI said.

The interest rate of the deposits in Euro with maturity period of one to two year has been revised at 4.34 per cent against previous rate of 4.21 per cent. For two to three years and three to four years, the revised rates would be 4.23 per cent and 4.11 per cent from existing 3.78 per cent 3.68 per cent, respectively, SBI said.

Similarly, for deposits in Pound, the rate has been revised at 5.40 per cent from 5.06 per cent for a maturity period of one to two year, while for 2-3 years and 3-4 years, rates have been revised to 5.26 per cent and 5.21 per cent from existing 4.65 per cent and 4.62 per cent, respectively, the bank said.

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