State Bank Hikes Interest Rates on NRI Deposits

India’s leading nationalized bank, the State Bank of India, has increased its rate of interest on NRI deposits with effect from June 1, 2007

On the Foreign Currency Non-Resident (FCNR) accounts, the interest rates
on dollar accounts are as follows on the term period:

• 1 year to less than2 years: 4.64%
• 2 year to less than 3 years: 4.57%
• 3 year to less than 4 years: 4.55%
• 4 year to less than 5 years: 4.55%
• 5 years 4.57%

The rates on the other designated
currencies, the Euro, Great Britain Pound, Canadian Dollars,
Australian Dollar and Japanese Yen held in the FCNR accounts
have been similarly revised.

As for the Non-Resident External
(NRE) rupee term deposit, the rates with effect from June 1,
2007 are as follows:

• 1 year to less than 2 years: 5.39%
• 2 years to less than 3 years:5.32%
• 3 year to 5 years: 5.30%

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Photo: Boston Financial District skyline by Nelson48 at English Wikipedia, licensed under Public domain, via Wikimedia Commons.