Public sector lender State Bank of Travancore has announced a rise in interest rates of NRI fixed deposit rates.
The revision in interest rates has been brought across NRE and FCNR deposits with effect from October 02, 2011.
For NRE deposits having tenor between one year to less than 2 years, the interest rate has been revised to 2.61%, while those having tenor of 2 years to less than 3 years will be offered 2.31% interest.
Interest rate would be 2,47% for deposits of maturity between 3 to 5 years.
In case of FCNR deposits, the interest rate would be 1.86% for deposits in US dollars having tenor of 1 year to less than 2 years. For the same currency, interest would be 1.56% for 2 years to less than 3 years maturity and 1.72% for 3 years to less than 4 years tenor.
Interest would be 1.98% for four years to less than 5 years tenor and 2.24% for 5 years tenor.
In terms of pound sterling, the corresponding interest rates would be 2.72%, 2.29%, 2.41%, 2.61%, 2.80%.