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