SBI hikes interest rates on NRE deposits

State Bank of India has hiked interest rates on its FCNR (B) and NRE (Rupee) deposits with effect from on Monday.

For NRE (Rupee) deposits for a duration of one year to less than two years, the rate has been increased to 4.92 per cent from the earlier 4.17 per cent, a press release issued here said.

For two years to less than three years and three years to five years, the rate has been increased to 4.41 per cent from 3.66 per cent and 4.89 per cent from the earlier 4.14 per cent, respectively, the release said.

For FCNR (B) dollar-denominated deposits, the interest rate has been upped to 4.17 per cent from 3.42 per cent and for two years and above but less than three years, the new rate is 3.66 per cent from the earlier 2.91 per cent.

For three years and above but less than four years and four years and above but less than five years, the rates have been increased to 4.14 per cent and 4.49 per cent respectively.

For five years duration, the new rate is 4.76 per cent as against the earlier 4.01 per cent, the release said.