SBI hikes NRI term
deposit interest rates
Mumbai, May 3, 2006
PTI
After a marginal increase in home loan rates, prime
lending rate (PLR) and domestic deposit rates, the
largest bank of the country State Bank of India (SBI)
on Wednesday revised upwards the interest rates on
Non Resident Indian (NRI) deposits.
The revised rates on Non Resident External (NRE)
term deposits of one year to less than two years are
6.33 per cent, two years to less than three years
6.34 per cent and three years to five years are 6.35
per cent with effect from May 1, the bank said in
a statement.
The rates are valid for all fresh deposits and renewals
of existing deposits made in May 2006.
The bank also hiked the interest rates on Foreign
Currency Non-Resident (FCNR) deposits for USD, Euro,
Pound, Canadian Dollar and Australian Dollars.
The revised FCNR interest rates for USD deposits
of one years and less than two years is 5.33 per cent
per annum, for two years and above but less than three
years is 5.34 per cent three years and less than four
years is 5.35 per cent, four years and less than five
years is 5.39 per cent and for deposits of five years
only, the rates will 5.43 per cent per annum, the
release added.