SBI, Oriental Bank hike interest rates on select NRE deposits

State Bank of India on Friday hiked its interest rates on certain non-resident (external) rupee (NRE) deposit accounts by 100 basis points.

This follows RBI's recent move to hike the ceiling rates on NRE term deposits for one to three years maturity by 100 basis points. Interest rates on foreign currency non –resident (banks) deposits have been hiked by 25 basis points so as to encourage non-resident Indians to park more of their savings in India.

SBI on Friday increased interest rates on FCNR (B) deposits by 25 basis points in all the six currencies i.e. US dollar, Euro, Pound, Canadian Dollar, Australian dollar and Yen.

Oriental Bank of Commerce (OBC) also announced on Friday that it has revised upwards the interest rates on NRE deposits on all maturities from one to three years. The interest rates on FCNR(B) deposits have also been revised for all maturities from one to five years in all the six currencies.

krsrivats@thehindu.co.in