SBI hikes rates on FCNR, NRE deposits

State Bank of India (SBI), the country largest private sector lender, has hiked interest rates on its foreign currency and rupee deposits by non-residents, with effect from November 17. For NRE (rupee) deposits for a duration of one year to less than two years, the rate has been increased to 4.92 per cent from the earlier 4.17 per cent, according to media reports.

For two years to less than three years and three years to five years, the rate has been raised to 4.41 per cent from 3.66 per cent and 4.89 per cent from the earlier 4.14 per cent, respectively. For FCNR (B) dollar-denominated deposits, the interest rate has been hiked to 4.17 per cent from 3.42 per cent and for two years and above but less than three years, the new rate is 3.66 per cent from the earlier 2.91 per cent.