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State Bank of India has raised the interest rate on NRE rupee term deposits in the 3 years to less than 5 years tenor from 8.75 per cent to 9 per cent.
This hike in deposit rates is only on deposits of less than Rs 15 lakh. The interest rate change is with effect from July 17. Interest rate on all other tenors remains unchanged.
On NRE deposits below Rs 15 lakh, the bank is offering 9 per cent on deposits of 1 year to less than 3 years tenor and 8.75 per cent on deposits of 5 years and up to 10 years.
On NRE deposits between Rs 15 lakh and less than Rs 1 crore, the bank is quoting a uniform interest rate of 9 per cent on all tenors.
Non-Resident External (NRE) term deposits are deposits meant for non-resident Indians (NRIs). Interest on these deposits is paid quarterly and the principal and interest amount are fully repatriable.
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