SBI increases interest rates on FCNR (B) deposits

MUMBAI, MAY 27: State Bank of India has decided to increase the interest payable on Foreign Currency Non Resident (Bank) Deposits held in US dollar, euro and pound sterling (STG) currencies with effect from May 29.

The new interest rates on euro deposits having a maturity period of between one year and less than two years is 3.50 per cent, for a deposit between two and three years it is 3.75 per cent and for three year deposits it is four per cent per annum.

In STG, interest on deposits having a maturity of between one year and less than two years has been increased by 0.25 per cent to six per cent and that having a duration of between two years and three years has been increased by 0.10 per cent to 6.10 per cent, the release added.