The largest lender of the country, State Bank of India has announced a 46 basis point rise in interest rates of Foreign Currency Non Residential (FCNR) deposits which are held in pound sterling and yen.

The revised rates have come into effect from February 01, 2011.

Also, interest rates for deposits in Euro have been raised by 10 bps for tenor of 1 year and above to less than 2 years taking it to 2.57%.

Also interest rates have been raised for deposits of tenor 2 years and above to less than 3 years to 3.03%.

Deposits of tenor 3 years and above to less than 4 years will now have interest of 3.36%.

Those with tenor 4 years and above but less than 5 years will have interest of 3.62% while it is 3.84% for those having maturity of 5 years and above.

All deposits in pound sterling have received a rise by upto 28 bps and those in yen have been raised by upto 8 bps.