The country's largest lender State Bank of India (SBI) today revised its deposit rates on FCNR (foreign currency non-resident deposit) with maturity of one to five years by 2 to 8 basis points from September 1,a bank release said. Two other public sector banks- Union Bank of India (UBI) and Central Bank of India (CBI)- have also announced revision in FCNR rates. As per the revised rates announced by SBI,the deposit rates have been reduced by 2 bps to 3.03 percent for 1-2 year maturity and increased by upto 8 bps on 2-5 year maturity in dollar denominated accounts. Similarly,rates have also been revised for FCNR accounts in the euro,pound,Australian and Canadian dollars among others. The bank also said it has introduced four new currencies,namely,Swiss franc,New Zealand dollar,Swedish krona and Danish krone. In case of Union Bank,deposit rate has been reduced in 1-2 year maturity by 2 basis points but increased in the range of 3-8 basis point for 2-5 year maturities in dollar denominated FCNR accounts. Central Bank also announced revision of FCNR rates in dollar,pound,euro,Canadian and Australian dollar accounts today.
