SBI raises foreign currency deposit rate by up to 100 bps

The bank has also increased interest rates on NRE fixed deposits by 100 basis points (or 1 percentage point),it said.

For FCNR deposits,in USD terms,the revised interest rates has been fixed at 2.19 per cent as against 1.94 per cent for deposits of one year and above but less than two years,it said.

The rates for deposits of three years and above but less than four years has been hiked to 2.02 per cent from the existing 1.77 per cent.

For deposits of four years and above but less than five years has been fixed to 2.30 per cent from the existing 2.05 per cent.

Besides,another public sector bank Oriental Bank of Commerce has raised such deposit rates by similar percentage points.