India’s largest lender, State Bank of India and Union Bank of India revised interest rates on foreign currency non-resident bank deposits and non resident external rupee term deposits with immediate effect on Wednesday.
Deposits in US dollar, having 1-2 years maturity, will now carry a rate of 2.61 per cent (2.60 per cent). Those in 2-3 years and 3-4 years maturity will attract 2.53 per cent (2.38 per cent) and 3.12 per cent (2.99 per cent), banks said.
Similarly, deposits in Pound and Euro, having 1-2 years maturity will attract rates 2.70 per cent (2.76 per cent) and 2.50 per cent (2.64 per cent) respectively, banks said.
Deposits in 2-3 years, 3-4 years and 4-5 years, in pound will carry rates 3.32 per cent (2.93 per cent),4.02 per cent (3.55 per cent) and 4.46 per cent (4 per cent) respectively.
Euro deposits in the above maturities will carry rates of 2.84 per cent (2.76 per cent), 3.30 per cent(3.19 per cent) and 3.64 per cent(3.56 per cent).
SBI and UBI also revised their NRE term deposit rates. With this, 1-2 years, 2-3 years and 3 years and above deposits will carry rates of 3.36 per cent (3.35 per cent), 3.28 per cent (3.13 per cent) and 3.87 per cent (3.74 per cent).