State Bank of Travancore (SBT) has announced a hike in interest rates for NRI deposits with effect from October 2.
Announcing this here, an SBT spokesman said that the interest rate for NRE term deposits for periods from one year to less than two years would be 2.61 per cent; two years to less than three years 2.31 per cent; and for three years and above up to five years, 2.47 per cent.
Interest rates for FCNR deposits in the US dollars would be 1.86 per cent for one year to less than two years; 1.56 per cent for two years to less than three years; 1.72 per cent for three years to less than four years; 1.98 per cent for four years to less than five years; and 2.24 per cent for five years.
For deposits in pound sterling, the corresponding rates would be 2.72 per cent, 2.29 per cent, 2.41 per cent, 2.61 per cent, and 2.80 per cent. The corresponding rates for deposits in euro would be 3.04 per cent, 2.52 per cent, 2.61 per cent, 2.80 per cent and 2.99 per cent.
Interest rate for RFC term deposits for six months to less than one year would be one per cent; one year to less than two years 1.86 per cent; two years to less than three years 1.56 per cent, and for three years 1.72 per cent.