SBT resets FCNR rates

State Bank of Travancore (SBT) has reset interest rates for FCNR deposits with effect from February 2. New interest rate for FCNR deposits in US dollars will (in percentage figure) be 2.78 for a period of one year to less than two years; 2.43 for two years to less than three years; 3.56 for three years to less than four years; 3.77 for four years to less than five years; and 4 per cent for five years.

For deposits in pound sterling, the corresponding rates will be 2.98; 2.76; 3.87; 4.00; and 4.19 per cent, and for Euro, 2.50; 2.69; 3.84; 4.00; and 4.17.

Interest rate for RFC term deposits for six months to less than one year will (in percentage) be 1; one year to less than two years, 2.78; two years to less than three years 2.43; and for three years, 3.56 per cent.