State Bank Of India

State Bank of India (SBI) revised upwards interest rates on FCNR-B and NRE rupee deposits in foreign currencies by up to 100 basis points. Interest rate on FCNR-B deposits has increased by 25 basis points (0.25 per cent) in all the six currencies--US Dollar, Euro, British Pound, Canadian dollar, Australian Dollar and Japanese Yen. The bank has also increased interest rates on NRE fixed deposits by 100 basis points (or 1 percentage point). For FCNR deposits, in USD terms, the revised interest rates have been fixed at 2.19 per cent as against 1.94 per cent for deposits of one year and above but less than two years. The rates for deposits of three years and above but less than four years has been hiked to 2.02 per cent from the existing 1.77 per cent. For deposits of four years and above but less than five years has been fixed to 2.30 per cent from the existing 2.05 per cent.