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The State Bank of Travancore (SBT) announced a hike in interest rates for NRE deposits effective March 2 (Wednesday). According to the revision, interest rate for NRE term deposits for one year to less than two years will be 2.54 per cent; two years to less than three years 2.66 per cent; and three years and above up to five years 3.19 per cent.
Interest on FCNR deposits in dollars will be 1.79 per cent for one year to less than two years; 1.91 per cent for two years to less than three years; 2.44 per cent for three years to less than four years; 2.94 per cent for four years to less than five years; and 3.36 per cent for five years. For deposits in pound sterling, the corresponding rates will be 2.58 per cent; 2.89 per cent; 3.34 per cent; 3.70 per cent; and 3.98 per cent.
The corresponding rates for deposits in euro will be 2.70 per cent; 3.11 per cent; 3.41 per cent; 3.64 per cent; and 3.83 per cent. Interest rate for RFC term deposits for six months to less than one year will be 1 per cent; one year to less than two years 1.79 per cent; two years to less than three years 1.91 per cent; and for three years, 2.44 per cent.
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