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SBT hikes NRE deposit rates
THIRUVANANTHAPURAM:
State Bank of Travancore (SBT) has increased the interest rate on NRE term deposits from 6 per cent to 6.3 per cent with effect from Wednesday. The new rate is for NRE term deposits of one year to five years, the bank said in a release here. The bank said it had introduced a new facility under which remittances by NRE customers through Al Rajhi Banking and Investment Corporation in Saudi Arabia would be credited directly to the respective accounts in the SBT branches in India. For the customers working in Kuwait, a similar speed remittance facility had been introduced in association with Al Mulla International Exchange Company.
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