Mumbai, Sept. 2

State Bank of India and Syndicate Bank have revised the interest rate on NRE term deposits on varying maturities and FCNR deposits for different currencies with immediate effect.

The revised rate for both banks on NRE term deposits of one to less than two years is 6.41 per cent, two to less than three years 6.24 per cent and on deposits of three to five years is 6.18 per cent.

SBI has hiked FCNR (B) rates on deposits in sterling pound of one to less than two years to 5.24 per cent, two to less than three years to 5.2 per cent, three to less than four years to 5.18 per cent, four to less than five years to 5.14 per cent and five years to 5.11 per cent.

Syndicate Bank has revised the rates on deposits in US dollars of one to less than two years to 5.41 per cent, two to less than three years to 5.24 per cent, three to less than four years to 5.18 per cent, four to less than five years to 5.2 per cent and five years to 5.22 per cent.

(This article was published in the Business Line print edition dated September 5, 2006)
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