The Kerala based State Bank of Travancore has cut interest rates on its FCNR deposit schemes, with the new rates being applicable from August 2.

The new rates on its various FCNR deposit schemes are: for FCNR deposits in US Dollars with a maturity period of minimum one year to less than two years the new rate will be 3.05 percent; for such deposits with a maturity period of minimum two years to less than three years the new rate will be 2.42 percent; for FCNR deposits (US Dollars) with a maturity period of minimum three years to less than four years the new rate will be 3.48 percent; for such deposits with a maturity period of minimum four years to less than five years the new rate will be 3.63 percent and for deposits of five years the new rate will be 3.79 percent.

FCNR deposits in pound sterling will have interest rates of 3.49 percent; 2.80 percent; 3.82 percent; 3.92 percent and 4.06 percent for the corresponding maturity periods.

The bank is offering FCNR deposits in EURO interest at the rates of 2.90 percent; 2.60 percent; 3.70 percent; 3.86 percent and 4.05 percent for the corresponding periods.