State Bank of India hikes FCNR (B) rates

Mumbai based state-owned State Bank of India (SBI), the largest public sector lender, has hiked FCNR (B) deposit rates.

The interest rates for deposits of 1 to 3 years are up by 75 basis points while for deposits of longer maturity these rates have been hiked by 175 basis points.

The move follows the hike in the ceiling on such rates announced by the Reserve Bank of India on Friday.

State Bank India has FCNR (B) deposits of almost $3.5 billion as of March 2012.

FCNR –Foreign Currency Non Residential


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