SBI revises foreign currency deposit rates

Largest public lender State Bank of India on Tuesday hiked the interest rates on foreign currency non-resident bank account deposits and non-resident external term deposits with effect from June 1, 2008.

Foreign currency non-resident bank FCNR (B) deposits in US Dollar, having maturity of one year to less than two years, would now attract an interest rate of 2.41 per cent as compared to 2.33 per cent earlier.

Rate of interest for deposits with 2-3 years maturity has been revised to 2.71 per cent from 2.43 per cent earlier, SBI said in a press release issued here.

For deposits having a maturity of five years, the rate has been revised to 3.47 per cent, against 3.11 per cent earlier, the bank said.

For Euro deposits, which would mature in 1-2 year period, the revised rate stood at 4.34 per cent against previous rate of 4.21 per cent while for 2-3 years and 3-4 years, the revised rates are 4.23 per cent from 3.78 per cent earlier and 4.11 per cent, against 3.68 per cent, the bank said.

Similarly, for deposits in Pound, the bank has revised the rate to 5.40 per cent (5.06 per cent), for a tenure 1-2 years while for 2-3 years and 3-4 years, rates have been revised to 5.26 per cent (4.65 per cent) and 5.21 per cent (4.62 per cent) respectively, the bank said.

For NRE deposits having a maturity 1-2 years the bank has revised the deposits to 3.16 per cent (3.08 per cent) while for 2-3 years and 3-5 years, the rates have been revised to 3.46 per cent(3.18 per cent) and 3.81 per cent (3.45 per cent) respectively, the bank said.