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State Bank Hikes Interest Rates on NRI Deposits
Tuesday, June 05, 2007

India’s leading nationalized bank, the State Bank of India, has increased its rate of interest on NRI deposits with effect from June 1, 2007

On the Foreign Currency Non-Resident (FCNR) accounts, the interest rates on dollar accounts are as follows on the term period:

  • 1 year to less than2 years: 4.64%
  • 2 year to less than 3 years: 4.57%
  • 3 year to less than 4 years: 4.55%
  • 4 year to less than 5 years: 4.55%
  • 5 years 4.57%

The rates on the other designated currencies, the Euro, Great Britain Pound, Canadian Dollars, Australian Dollar and Japanese Yen held in the FCNR accounts have been similarly revised.

As for the Non-Resident External (NRE) rupee term deposit, the rates with effect from June 1, 2007 are as follows:

  • 1 year to less than 2 years: 5.39%
  • 2 years to less than 3 years:5.32%
  • 3 year to 5 years: 5.30%

Related Readings

NRI Banking
FCNR Account
NRE Account
More Banks Raise Interest rates on NRE deposits

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