After, the Reserve Bank of India (RBI) lifted the ceiling on rates by 50 basis points to attract more dollars into the country. Banks have started hiking the interest rates on NRE/FCNR terms.
State Bank of Patiala has hiked interest rates on NRE term deposits to 3.71 % per annum for one year up to and less than 2 years, to 3.81 % for a maturity period of 2 years and above but less than 3 years and to 4.13 % p.a for 3 years and up to up to 5 years. The rates will come into effect from18 Sept., 2008
In a press release bank has stated the interest rates on FCNR (B) deposits in USD have been increased to 2.96% p.a for a period of 1 year and above but less than 2 years, to 3.06 % p.a for 2 years and above but less than 3 years, to 3.38 % p.a. for 3 years and above but less than 4 years, to 3.60 % p.a. for 4 years and above but less than 5 years and to 3.76 % p.a. for a period of 5 years.
Likewise, interest rates on FCNR (B) deposits in Australian Dollars have been hiked to 7.22% p.a for a period of 1 year and above but less than 2 years, to 6.54 % p.a for 2 years and above but less than 3 years, to 6.49 % p.a. for 3 years and above but less than 4 years, to 6.52 % p.a. for 4 years and above but less than 5 years and to 6.49 % p.a. for a period of 5 years.
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