Public sector lender, State Bank of Travancore has raised interest rates of NRE deposits. The new rates have become effective from March 02, 2011.

The deposits having tenor of 1 year to less than 2 years will have interest of 2.54% while those of 2 years to less than 3 years will be 2.66% and 3 years to 5 years will be 3.19%.

In case of FCNR deposits in US Dollars, the interest will be 1.79% for deposits of 1 year to less than 2 years, 1.91% for 2 years to less than 3 years.

Deposits of tenor 3 years to less than 4 years will fetch interest of 2.44% while it will be 2.94% for 4 years to less than 5 years deposits and 3.36% for 5 years deposit.

The corresponding rates for deposits in euro will be 2.70 %, 3.11 %, 3.41 %, 3.64 % and 3.83% while that in pound sterling will be 2.58%, 2.89 %, 3.34 per cent; 3.70 %and 3.98 %.