Date:04/06/2008 URL: http://www.thehindu.com/2008/06/04/stories/2008060456031600.htm

Business - Briefly

SBI raises foreign currency deposit rates

MUMBAI: State Bank of India hiked the interest rates on foreign currency non-resident bank account deposits and non-resident external term deposits with effect from June 1. FCNR (B) deposits in U.S. dollar, having maturity of 1-2 years, would now attract an interest rate of 2.41 per cent against 2.33 per cent earlier. The bank has also revised the rates for other maturity periods. For NRE deposits having a maturity 1-2 years, it has revised the rates to 3.16 per cent (3.08 per cent). The rates for other maturities have also been raised, reports PTI.