State Bank of Travancore has announced an upward revision in interest rates for FCNR deposits with effect from May 8.
Accordingly, interest rate for FCNR deposits in US dollars (in percentage) will be:
3.05 (existing rate 2.30 per cent) for a period of one year to less than 2 years;
2.56 (1.85) for two years to less than three years,
3.67 (2 per cent) for three years to less than four years;
3.88 (2.23) for four years to less than five years; and
4.11 per cent (2.49 per cent) for five years.
For deposits in pound sterling , the corresponding rates will be 3.86 (3.11); 3.38 (2.50); 4.47 (2.57); 4.58 (2.72); and 4.70 (2.87).
The corresponding rates for deposits in euro will be 3.30 (2.63); 2.95 (2.35); 4.07 (2.48); 4.25 (2.65) and 4.45 (2.85).
Interest rate for RFC term deposits;
No change in rates for six months to less than one year at 1 per cent; one year to less than two years 3.05 (2.30); two years to less than three years 2.56 (1.85); and for three years 3.67 per cent (2.00 per cent). There is no change in RFC savings banks account rates.