SBI has hiked interest rates on foreign currency non-resident (B) (FCNR (B)) account deposits, which will vary according to maturity period and currency. Accordingly, FCNR (B) deposits in US dollar which have maturity period of 1-2 years will attract interest rate of 2.96 per cent, against existing 2.46 per cent.

 

Similarly, interest rate for deposits for 2-3 years is up 3.06 per cent from existing 2.56%. Any deposit for 3-4 years will earn an interest rate of 3.38 per cent up from existing 2.88%. On the other hand, the money deposited for the time of 4-5 years will get an interest rate of 3.6 per cent up from existing 3.10%.

 

Accordingly, any deposit in euro for 1-2 years maturity, would now attract 5.08 per cent interest up from existing 4.58%. Similarly, deposits in pound will attract an interest 5.77 per cent up from existing 5.27 %.  Also, the bank has announced the increase in the interest rates on Non Resident External (NRE) term deposits.
 

Now, under the new interest rate regime, NRE deposits of tenure of 1-2 years will attract an interest rate of 3.71 per cent up from existing 3.21%. Similarly, any deposit for 2-3 years will earn an interest rate 3.81 per cent up from existing 3.31%. On the other hand, any amount deposited for the time of 3-5 years will fetch an interest rate of 4.13 per cent up from existing 3.63%.