The largest lender, State Bank of India on Friday revised its interest rates on foreign currency non-resident deposits and non-resident term deposits with immediate effect.
Following this FCNR(B) deposits in US dollars with tenure of one-two years would charge an interest rate of 1.98 percent as against the earlier 2.02 percent.
Interest rate for dollar deposits with maturity of two-three years has been increased from 2.01 percent to 2.39 percent, for deposits with maturity of four-five years the interest rate has been increased from 2.56 percent to 3.04 percent.
Deposits in the euro and pound, having one-two years maturity, will now attract 2.22% and 2.25% (2.22%) respectively, the bank said.
Deposits in the above currencies having two-three years maturity will offer rate of 2.88% as against the previous 2.75 percent and 3.03% as against 2.76 percent respectively, the bank said.
Another public sector bank, Punjab National Bank has also revised its rates for non-resident deposits. The interest rate on US dollar deposits has been decreased from 2.02 percent to 1.98 percent for a tenure ranging between one to two years. For tenures of two to three years, the rate has been increased from 2.01 percent to 2.39 percent.