SBI hikes foreign currency deposit rates

MUMBAI: State Bank of India today increased interest rates on foreign currency deposits effective from tomorrow.

With this, USD deposits with a 1-2 year maturity will now attract a rate of 4.21 per cent (3.71 per cent) while those in 2-3 year and 3-4 year tenures will carry 3.52 per cent (3.02) and 3.81 per cent (3.31) respectively, a release here said.

Similarly, deposits in Euro and Pound in 1-2 years maturity will have interest rates of 5.74 per cent (5.24) and 6.77 per cent (6.27), the bank said.

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

RFC deposits, having a tenure of 1-2 years will carry a rate of 4.21 per cent while those in 2-3 year tenure will attract a rate of 3.52 per cent, the bank said.

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