State Bank of Travancore (SBT) has announced a reduction in interest rates for FCNR deposits with effect from August 2.
Interest rate (in percentage) for FCNR deposits in US dollars will be 3.05 (existing rate 3.07) for a period of one year to less than two years; 2.42 (2.55) for two years to less than three years; 3.48 (3.63) for three years to less than four years; 3.63 (3.78) for four years to less than five years; and 3.79 (3.97) for five years.
For deposits in pound sterling, these rates will be 3.49 (3.68); 2.80 (3.00); 3.82 (4.03); 3.92 (4.13) and 4.06 (4.28).
The corresponding rates for deposits in euro will be 2.90 (3.19); 2.60 (2.88); 3.70 (3.98); 3.86 (4.15) and 4.05 (4.34).
Interest rate for RFC (resident foreign currency) term deposits for six months to less than one year will be one per cent; one year to less than two years 3.05 per cent: two years to less than three years 2.42 per cent; and for three years, 3.48 per cent.