Banks hike foreign currency deposit ratesSeptember 17th, 2008 - 10:26 pm ICT by IANS
Mumbai, Sep 17 (IANS) Country’s leading public sector banks State Bank of India (SBI) and Punjab National Bank (PNB) Wednesday announced hike in their interest rates on foreign currency non-resident (B) account deposits and non resident external (NRE) term deposits.SBI revised its rate on on foreign currency non-resident deposits in US dollar from 50-100 basis points across various tenures. Deposits in euro for one-two years maturity, will now fetch 5.08 percent from existing 4.58 and for British pound it will now attract 5.77 percent from 5.27 percent for the same time period.
Similarly, interest rate for NRE deposits went up by 0.5 percent across various maturities. These rates will be effective from Thursday.
PNB has revised its interest rates by 50 basis points for non-resident deposits in foreign currencies including US dollar, Euro and British Pound.
The bank also raised interest rates by 50 basis points for rupee deposits by non-residents, effective from Wednesday.
The banks’ decision comes a day after the Reserve Bank of India raised the ceiling on interest rates on non-resident deposits by 50 basis points to encourage the inflow of foreign currency deposits and to strengthen rupee.
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- No impact of rupee slide on banks: SBI chief - May 28, 2012
- SBI hikes deposit rates by 25-75 bps, keeps base rate steady - Sep 30, 2010
- SBI cuts fixed deposit rates by up to 1 percent - Sep 05, 2012
- PNB raises base rate by 50 bps, deposit rates by 25-50 bps - Sep 30, 2010
- SBI raises lending, deposit rates; loans to get costlier - Aug 16, 2010
- Union Bank raises interest rates - Dec 18, 2010
- State Bank of India hikes deposit rates up to 150 basis points - Dec 06, 2010
- Union Bank raises base rate by 50 bps to 8.5 percent - Oct 15, 2010
- SBI cuts interest rates on term deposits - Aug 02, 2012
- SBI lowers deposit rates by 0.25 percent - Jun 07, 2012
Tags: 100 basis points, foreign currency deposit, foreign currency deposit rates, foreign currency deposits, public sector banks, punjab national bank, punjab national bank pnb, reserve bank of india, same time period, state bank of india