Mumbai, December 27: India’s biggest lender, the State Bank of India has raised term deposit rates for non-resident external accounts by up to 574 basis points from January 1.
According to a press release, deposits below 10 million rupees will earn interest rates of 9.25 percent, while those above 10 million rupees will earn 9 percent for 1-2 years maturity from 3.82 percent earlier.
The Reserve Bank of India deregulated interest rates on non-resident external ( NRE) rupee deposits and ordinary non-resident accounts earlier this month to provide greater flexibility to banks to attract dollars.
According to a press release, deposits below 10 million rupees will earn interest rates of 9.25 percent, while those above 10 million rupees will earn 9 percent for 1-2 years maturity from 3.82 percent earlier.
The Reserve Bank of India deregulated interest rates on non-resident external ( NRE) rupee deposits and ordinary non-resident accounts earlier this month to provide greater flexibility to banks to attract dollars.