SBT announces special deposit scheme for Onam - The New Indian Express

SBT announces special deposit scheme for Onam

Published: 05th September 2013 12:19 PM

Last Updated: 05th September 2013 12:19 PM

In connection with Onam and the SBT Foundation Day, the State Bank of Travancore (SBT) has launched the ‘Aiswarya Special Deposit Scheme’, offering a higher rate of interest.

Resident, non-resident individuals and corporates are eligible to deposit under the scheme. The interest rate will be 9.50 per cent for a period of 400 days for residents and 10 per cent for a period of 1,200 days for fresh deposits of non-residents.

The scheme is available at all branches of the bank. The offer will be available for only a limited period.

FCNR Interest Rates Up

The SBT has also announced a hike in interest rates for FCNR deposits with effect from September 5. As per the revision,interest rate for FCNR deposits in US dollars will be 2.67 per cent for a period of one year to less than two years, 2.57 per cent for two years to less than three years, 4.95 per cent for three years to less than four years, 5.38 per cent for four years to less than five years and 5.77 per cent for five years. For deposits in Pound Sterling, the corresponding rates will be 2.87 per cent, 2.84 per cent, 5.13 per cent, 5.45 per cent and 5.73 per cent. The corresponding rates for deposits in Euro will be 2.48 per cent, 2.64 per cent, 4.87 per cent, 5.13 per cent and 5.36 per cent.

Interest rate for RFC term deposits for six months to less than one year will be one per cent, one year to less than two years 2.67 per cent, two years to less than three years 2.57 per cent and for three years 4.95 per cent.

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