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SBI raises FCNR (B) and NRE rates

MUMBAI: State Bank of India has raised interest rates on deposits of non-residents, with effect from March 1. On FCNR (B) dollar-denominated deposits for one year to less than two years, the rate has been increased to 3.12 per cent from 2.98 per cent per annum, a release said. For other maturities also the rates have been raised. For NRE (Rupee) term deposits, the rate has been increased to 3.87 per cent from 3.73 per cent for one year to less than two years and to 3.44 per cent from 3.32 per cent for two years to less than three years.

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