SBI increases interest rates on foreign currency deposits

State Bank of India (SBI) has increased interest rates on foreign currency deposits. The new rates will come into effect from today.

According to bank release after the hike the USD deposits with a 1-2 year maturity will now have a rate of 4.21 per cent (3.71 per cent) while for tenures 2-3 year and 3-4 year it will be 3.52 per cent (3.02) and 3.81 per cent (3.31) respectively.

Likewise, deposits in Euro and Pound in 1-2 years maturity rates have been increased to 5.74 per cent (5.24) and 6.77 per cent (6.27), the bank said.

SBI has also hiked the resident foreign currency accounts (RFC) and non resident external (NRE) fixed deposit scheme rates.

Bank sources said RFC deposits, having the tenure of 1-2 years will have a rate of 4.21 per cent whereas deposits having tenure of 2-3 year will attract a rate of 3.52 per cent.


Bank further added the revised rates for NRE deposits having 1-2 years, 2-3 years and 3-5 years maturities will be 4.96 per cent (4.46), 4.27 per cent (3.77) and 4.56 per cent (4.06) respectively.