SBI, ICICI Bank up interest rates on certain foreign currency bank deposits

State Bank of India (SBI) and ICICI Bank have hiked interest rates on foreign currency non-resident (FCNR) bank deposits after the Reserve Bank of India (RBI) last week eased the interest cap till October 31, 2022.

According to SBI’s website, the interest rate on US dollar category deposits with maturities up to 2 and 3 years are up by 85 basis points to 2.85 per cent and 3 per cent. Interest rate on maturities above 3 years has been raised by 80 basis points. Accordingly, 3-year to less than 4-year maturity will attract an interest rate of 3.10 per cent;