SBI Raises Foreign Currency Deposits Rates

State Bank of India—India's largest lender—hiked interest rates on its Foreign Currency Non-Resident (B) deposit scheme (FCNR) with effect from May 5, 2012.

The FCNR deposit rates have been raised across various maturity buckets from 1–5 years for the US-dollar, euro, British pound, Japanese yen, Australian dollar and Canadian dollar, State Bank of India said in a statement.

The US-dollar deposit rate has been revised to 3.05% for 1–2 years; to 2.56% for 2–3 years; to 3.67% for 3–4 years; to 3.88% for 4–5 years; and to 4.11% for 5 years.

The British-pound deposit rate has been revised to 3.86% for 1–2 years; to 3.38% for 2–3 years; to 4.47% for 3–4 years; to 4.58% for 4–5 years; and to 4.7% for 5 years.

The euro deposit rate has been revised to 3.3% for 1–2 years; to 2.95% for 2–3 years; to 4.07% for 3–4 years; to 4.25% for 4–5 years; and to 4.45% for 5 years.

The Japanese yen deposit rate has been revised to 2.55% for 1–2 years; to 2.35% for 2–3 years; to 3.36% for 3–4 years; to 3.38% for 4–5 years; and to 3.43% for 5 years.

The Canadian-dollar deposit rate has been revised to 4.05% for 1–2 years; to 3.69% for 2–3 years; to 4.81% for 3–4 years; to 4.92% for 4–5 years; and to 5.03% for 5 years.

The Australian-dollar deposit rate has been revised to 6.95% for 1–2 years; to 5.7% for 2–3 years; to 6.76% for 3–4 years; to 6.99% for 4–5 years; and to 7.09% for 5 years.