Country's biggest lender SBI and its public sector peers Union Bank of India and Bank of India on Saturday revised interest rates for non-residents deposits under which rates have been increased across the board, barring those having a maturity of less than two years.
The rate revisions, done on both Rupee as well as foreign currency deposits, are effective today, the lenders said in separate statements.
An NRI depositor with SBI will earn 3.09% interest on Rupee deposits per annum for a three-year maturity as against 2.79% earlier. However, the rate for a deposit made for one year to two years has been cut by one basis point to 2.53%, the bank said.
Similarly, rates for dollar deposits for 1-2 years have gone down by a basis point to 1.78% while those for 5 years will fetch 3.22% interest per annum as against the 2.73% earlier, SBI said.
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