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May 05, 2008 14:57 IST
State Bank of India [Get Quote] on Monday raised interest rates on deposits of Non Resident Indians with effect from May 1.
The bank raised the interest rates on Non Resident External rupee deposits of one year to less than 2 years to 3.08 per cent from 2.49 per cent, two years to less than three years to 3.18 per cent from 2.5 per cent and three to five years to 3.45 per cent from 2.81 per cent.
Similar hikes have been made in Foreign Currency Non Resident deposits held in dollars, pound sterling, Euro, Australian dollar, Canadian Dollar and Yen.
The dollar deposits of one to two years will earn interest of 2.33 per cent as against 1.74 per cent.
Interest rate on deposits of two to three years has been raised to 2.43 per cent from 1.75 per cent, three to four years to 2.7 per cent from 2.08 per cent, four to five years to 2.93 per cent from 2.35 per cent.
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