ICICI, SBI hike NRI deposit rates

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Updated: 18/11/2008 | 12:15 AM IST

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Press Trust of India

Tuesday, November 18, 2008 (New Delhi)

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Both, ICICI Bank and the State Bank of India on Monday hiked the interest rates on foreign currency and rupee deposits by non-residents.

ICICI Bank on Monday said that it has increased interest rates on both its NRE fixed deposits and FCNR (B) deposits with effect from Tuesday.

The one-year NRE deposit rate has been increased by 0.75 per cent to 4.92 per cent per annum while for dollar-denominated FCNR (B) deposits, the rate has been increased to 4.17 per cent, a release issued here said.

For FCNR (B) deposits denominated in Great Britain Pounds, the rate has been increased by 0.75 per cent to 7.01 per cent.

For NRE fixed deposits of a maturity period of 18 months and above but less than 24-months, the new rate is 4.92 per cent while for 24 months and above but less than 36 months, the new rate is 4.41 per cent. For 36 months and 120 months, the interest has been upped to 4.89 per cent, the release said.

For FCNR (B) dollar-denominated deposits of 24 months and above but less than 36 months, the new rate is 3.66 per cent while for 36 months and above but less than 48 months, the new rate is 4.14 per cent.

For 48 months and above but less than 60 months, the rate has been increased to 4.49 per cent while for 60 months it is 4.76 per cent, the release said.

Country largest lender State Bank of India has hiked interest rates on its foreign currency and rupee deposits by non-residents with effect from today.

For NRE (rupee) deposits for a duration of one year to less than two years, the rate has been increased to 4.92 per cent from the earlier 4.17 per cent, a release issued here said.

For two years to less than three years and three years to five years, the rate has been raised to 4.41 per cent from 3.66 per cent and 4.89 per cent from the earlier 4.14 per cent, respectively, it said.

For FCNR (B) dollar-denominated deposits, the interest rate has been hiked to 4.17 per cent from 3.42 per cent and for two years and above but less than three years, the new rate is 3.66 per cent from the earlier 2.91 per cent.

For three years and above but less than four years and four years and above but less than five years, the rates have been increased to 4.14 per cent and 4.49 per cent each.

For five years duration, the new rate is 4.76 per cent, against the earlier 4.01 per cent, the release said.