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SBT revises interest rates on NRE deposits

Special Correspondent

THIRUVANANTHAPURAM: The State Bank of Travancore (SBT) has increased the interest rate on NRE term deposits for periods ranging from one year to five years to 5.9 per cent with effect from Thursday.

For FCNR deposits in U.S. dollars, the interest rates are 4.9 per cent for one year to less than two years, 4.88 per cent for two years to less than three years and 4.86 per cent for three years to five years.

For deposits in Pound Sterling, the rates are 4.42 per cent for one year to less than two years, 4.46 per cent for two years to less than three years, 4.48 per cent for three years to less than four years, 4.47 per cent for four years to less than five years and 4.45 per cent for five years. For those in Euro, the corresponding rates are 2.73 per cent, 2.99 per cent, 3.08 per cent, 3.16 per cent and 3.21 per cent.

RFC deposits in U.S. dollars will carry interest rates of 4.9 per cent for one year to less than two years, 4.88 per cent for two years to less than three years and 4.86 per cent for three years, the bank said in a press release on Thursday.

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