SBI revises FCNR deposit rates

State Bank of India (SBI) on Monday revised its deposit rates on FCNR (foreign currency non-resident deposit) with maturity of one to five years by 0.02 to 0.08 per cent from September 1, a bank release said.

Two other public sector banks - Union Bank of India (UBI) and Central Bank of India  - have also announced revision in FCNR rates.

According to the revised rates announced by SBI, the deposit rates have been reduced by 0.02 per cent to 3.03 per cent for 1-2 year maturity and increased by up to 0.08 per cent on 2-5 year maturity in dollar denominated accounts.

Similarly, rates have also been revised for FCNR accounts in the euro, pound, Australian and Canadian dollars among others.

The bank also said it has introduced four new currencies, namely, Swiss franc, New Zealand dollar, Swedish krona and Danish krone.

In case of Union Bank, deposit rate has been reduced in 1-2 year maturity by 0.02 per cent but increased in the range of 0.03-0.08 per cent for 2-5 year maturities in dollar denominated FCNR accounts.

Central Bank also announced revision of FCNR rates in dollar, pound, euro, Canadian and Australian dollar accounts on Monday.