Interest rates have been hiked by SBI on its NRI deposits like foreign currency non resident (FCNR) bank deposits and non resident external (NRE) rupee term deposits.
FCNR bank deposits entertain deposits in foreign currency while NRE deposits entertain the same in Indian rupee.
Interest rates on FCNR bank deposits in US dollars have been increased from 1.84% to 1.92% for tenure ranging from one year to less than two years. Deposits having maturity between 2 to 3 years will fetch the depositor an interest of 2.24% instead of the earlier 2.08%.
Also deposits with 3-4 years, 4-5 years, and 5 years maturity period will fetch the depositor 2.84% instead of the previous rate of 2.69%, 3.34% instead of 3.20 %and 3.75% instead of 3.62% respectively.
Other than US dollar rates, the Euro deposit rates have also been increased. Deposits of tenor 1-2 years and 2-3 years will earn the depositor interest of 2.19% instead of 2.20% and 2.49% instead of 2.45% respectively.
Interest rates have also been revised for rupee deposits. Rates have been revised to 2.67 per cent (previously 2.59 per cent), 2.99 per cent (previously 2.83 per cent) and 3.59 per cent (previously 3.44 per cent) for deposits maturing in the range of 1-2 years, 2-3 years and 3-5 years respectively.