State Bank of India hiked its interest rates on foreign currency non-resident bank deposits and non-resident external rupee term deposits with immediate effect. FCNR(B) deposits in US Dollar having one year to less than two years maturity will now attract a rate of 1.92 per cent (1.84 per cent) while deposits for 2 years to less than 3 years will carry a rate of 2.24 per cent (2.08 per cent),the bank said in a release. Similarly,deposits with 3-4 years,4-5 years,and 5 years tenures will carry rates of 2.84 per cent(2.69 per cent),3.34 per cent (3.20 per cent) and 3.75 per cent (3.62 per cent ) respectively,the bank said. Rates for deposits in Euro,in 1-2 years and 2-3 years have been revised to 2.19 per cent (2.20) and 2.49 per cent (2.45 per cent) respectively,the bank said. Interest rates for NRE deposits in 1-2 years,2-3 years and 3-5 years tenures have been revised to 2.67 per cent (2.59 per cent),2.99 per cent (2.83 per cent) and 3.59 per cent (3.44 per cent) respectively,the bank said.
