The interest rates on foreign currency non-resident FCNR (B) account deposits and non resident external (NRE) term deposits were raised by State Bank of India (SBI) on Wednesday, to come into effect from today.

 FCNR (B) deposits in US Dollar, which matures in 1-2 years, had rate of interest raised from 2.46 percent, to 2.96 percent.

According to a press released statement, “Rates for deposits having a 2-3 years, 3-4 years and 4-5 years tenures have been hiked to 3.06 percent (2.56), 3.38 per cent (2.88) and 3.6 per cent (3.10) respectively.”

 Deposits in Euro and Pound sterling in the 1-2 years maturity catagory will have 5.08 percent (4.58) and 5.77 percent (5.27) respectively.  

In the similar way, the bank has also increased the interest rates for NRE deposits having maturity period of 1-2 years to 3.71 percent (3.21).  

NRE deposits in 2-3 years and 3-5 years maturities have also been upped to 3.81 percent (3.31) and 4.13 percent (3.63) respectively.