State Bank of Patiala increases interest rate on NRE deposits

Patiala, Sep 18 (UNI) The State Bank of Patiala (SBP) has increased interest rates on NRE term deposits to 3.71 per cent per annum for one year and up to two years, with immediate effect.

The NRE interest rates have been increased to 3.81 per cent for a maturity period of 2 years and above but less than 3 years and to 4.13 per cent per annum for 3 years and up to 5 years.

According to a statement issued by the bank; the interest rates on FCNR (B) deposits in dollars had been increased to 2.96 per cent per annum for a period of one year and above but less than 2 years, to 3.06 per cent for 2 years and above but less than 3 years and to 3.38 per cent per annum for 3 years and above but less than 4 years. The increase is 3.60 per cent for 4 years and above but less than 5 years and to 3.76 per cent for a period of 5 years.

Similarly, interest rates on FCNR (B) deposits in Australian dollars have also been increased to 7.22 per cent per annum for a period of 1 year and above but less than 2 years, to 6.54 per cent for 2 years and above but less than 3 years, to 6.49 per cent for 3 years and above but less than 4 years, to 6.52 per cent for 4 years and above but less than 5 years and to 6.49 per cent for a period of 5 years.

UNI HS SBA KP1800