Mumbai: Public sector State Bank of India today raised interest rates on deposits of Non Resident Indians with effect from May one.

The bank raised the interest rates on Non Resident External (NRE) rupee deposits of one year to less than 2 years to 3.08 per cent from 2.49 per cent, two years to less than three years to 3.18 per cent from 2.5 per cent and three to five years to 3.45 per cent from 2.81 per cent.

Similar hikes have been made in Foreign Currency Non Resident (FCNR) deposits held in US Dollars, Pound Sterling, Euro, Australian Dollar, Canadian Dollar and Yen.

The US Dollar deposits of one to two years will earn interest of 2.33 per cent as against 1.74 per cent.

Interest rate on deposits of two to three years has been raised to 2.43 per cent from 1.75 per cent, three to four years to 2.7 per cent from 2.08 per cent, four to five years to 2.93 per cent from 2.35 per cent.

For five years deposits, interest rates have been raised to 3.11 per cent from 2.65 per cent.
Source : PTI