SBI marginally ups foreign currency deposit rates

India's largest lender State Bank revised upwards the interest rates on NRE rupee and FCNR-B deposits in select currencies and select maturities, effective from Saturday.

While the interest in the NRE rupee and FCNR (B) deposits will be applicable for the dollar and the yen up to maturities less than five years, the higher rates will be applicable for the FCNB deposits in pound, Canadian and Australian dollars, and the euro.

The higher rate varies from 3 to 7 basis points only, SBI said. NRE fixed deposits have also been revised upwards by 5 bps.

The bank said it is also offering attractive interest rate on NRE & NRO savings accounts at 4 per cent. Interest for all rupee savings accounts will be calculated on the daily closing balances maintained in the account, it added.