SBI hikes NRI, FCNR (B) deposit rates

State Bank of India (SBI) today raised the interest rates on new NRI term deposits.

"The revised rate for deposits of one year but less than two years is
4% as against the earlier rate of 3.8%," an official release said today.

The rate for two years but less than three years is 4.4% (4.1%) and for three years to five years 4.6% (4.3%).

SBI has also revised rates for FCNR (B) deposits denominated in US dollars, euro and pound.

While FCNR (B) dollar deposits of one year to less than two years will get 3.28% (as against the earlier level of 3.01%), euro depositis will get 2.08% (2.04%) and pound deposits 4.93% (4.72%), respectively, the release added.