State Bank of Travancore (SBT) has announced a revision in interest rates for FCNR deposits with effect from January 2.
Interest rates for FCNR deposits in US Dollars will be 2.84 per cent for a period of 1 year to less than 2 years, 2.41 per cent for 2 years to less than 3 years, 3.49 per cent for 3 years to less than 4 years, 3.64 per cent for 4 years to less than 5 years and 3.83 per cent for 5 years.
For deposits in Pound Sterling, the corresponding rates, in per centage, will be 3.01, 2.72, 3.78, 3.90 and 4.04. The corresponding rates in per centage for deposits in Euro will be 2.44, 2.39, 3.48, 3.62 and 3.78, according to a press note.
Interest rates for RFC Term Deposits for 6 months to less than one year will be 1 per cent, 1 year to less than 2 years 2.84 per cent, 2 years to less than 3 years 2.41 per cent and for 3 years 3.49 per cent.