SBI raises FCNR (B) deposit rates

MUMBAI, MAY 28. State Bank of India has decided to increase the interest payable on foreign currency non-resident (bank) deposits held in dollar, euro and pound sterling currencies with effect from May 29.

The interest payable on FCNR (B) deposits held in dollar for a maturity period of one year and above but less than two years and that ranging between two years and above but less than three years has been increased by 0.75 percentage points to 6.50 per cent and 6.75 per cent per annum respectively, SBI said in a release. For deposits of three years only, the interest rate has been increased by 0.5 percentage points to 6.75 per cent.

The interest rates on FCNR (B) deposits held in euro have been increased across the board for all maturity slabs by 0.75 percentage points. The new interest rates on euro deposits having a maturity period between one year and less than two years is 3.50 per cent, for two and three years 3.75 per cent and for three year deposits it is four per cent per annum.

In the case of pound sterling, the interest rate on deposits having a maturity of between one year and less than two years has been increased by 0.25 percentage points to 6 per cent and that having a duration of between two and three years has been increased by 0.10 percentage points to 6.10 per cent, the release added. However, the interest rate on three years duration has been left unchanged at 6.25 per cent.

The bank has left the interest rates on Japanese yen deposits unchanged.

The bank has also decided to offer differential interest rates on high value deposits in all currencies except Japanese yen deposits.

- PTI

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