SBI raised interest rates on deposits of NRE

Country’s largest lending bank State Bank of India on Monday raised interest rates on deposits of Non Resident Indians with effect from May 1.

The raise has been done on Non Resident External (NRE) rupee deposits of one year to less than 2 years to 3.08 per cent from 2.49 per cent, two years to less than three years to 3.18 per cent from 2.5 per cent and three to five years to 3.45 per cent from 2.81 per cent.

Likewise hikes have also been done on Foreign Currency Non Resident (FCNR) deposits held in US Dollars, Pound Sterling, Euro, Australian Dollar, Canadian Dollar and Yen.

After the hike the interest on US Dollar deposits of one to two years will have 2.33 per cent as against 1.74 per cent.

Similarly interest rate on deposits of two to three years has been raised to 2.43 per cent from 1.75 per cent, three to four years to 2.7 per cent from 2.08 per cent, four to five years to 2.93 per cent from 2.35 per cent.

However interest rates on five years deposits, interest rates have been raised to 3.11 per cent from 2.65 per cent.