State Bank of Travancore has announced a hike in interest rates for NRE deposits with effect from 2nd December 2011.
This is the second that these rates have been revised over the past nine days and follows a cue provided by the Reserve Bank, a bank spokesman said here.
As per the revision, interest rate for NRE term deposits for periods from one year to less than two years will be 3.82 per cent; two years to less than three years 3.51 per cent; and three years and above up to five years 3.64 per cent.
Interest rate for FCNR deposits in US dollars will be 2.32 per cent for a period of one year to less than two years; 2.01 per cent for two years to less than three years; 2.14 per cent for three years to less than four years; 2.35 per cent for four years to less than five years and 2.59 per cent for five years.
For deposits in pound sterling, the corresponding rates will be 3.07 per cent; 2.68 per cent; 2.73 per cent; 2.84 per cent; and 2.95 per cent. The corresponding rates for deposits in euro will be 3.26 per cent, 2.72 per cent, 2.89 per cent, 3.11 per cent and 3.34 per cent.
Interest rate for RFC term deposits for six months to less than one year will be one per cent; one year to less than two years 2.32 per cent; two years to less than three years 2.01 per cent; and for three years, 2.14 per cent.