SBI increases NRI Fixed Deposit Rates by 0.25
State Bank of India (SBI) today increased its rate of interest on fixed deposits for Non-resident Indians ( NRIs) by 0.25 per cent. Term deposits between three and five years in rupee term would grab nine per cent compared to existing 8.75 per cent, SBI stated in a statement.
The new rate of interest will be effective from 18th July 2012. On the other hand, rate of interest for other maturities has been same. The bank has last changed interest rate on NRE deposits on rupee term on April 24.
Subsequently, its subsidiary State Bank of Bikaner and Jaipur (SBBJ) has decreased interest rate on fixed deposits for resident Indians by 0.25 per cent on chosen maturities.
Interest rate on fixed deposit for maturity between 1-3 years has been decreased by 0.25 per cent to 9.25 per cent while 3-5 year term deposit will even acquire 9.25 per cent compared to 9.50 per cent, SBBJ informed the BSE.
Recently, another public segment Bank of India (BoI) cut interest rate on fixed deposits by 0.25 per cent on chosen maturities. Interest rates on fixed deposit of BoI for maturity between 2-3 years was decreased by 0.25 per cent to 9 per cent. With the modification, BoI’s interest rate on 3-10 years fixed deposit will be resuced to 9 per cent from 9.25 per cent.
The Mumbai-based bank had last changed the interest rate on fixed deposits on March 22 this current year.