SBI raises fixed deposits rate for NRIs

State Bank of India (SBI) today increased its interest rate on fixed deposits for Non-resident Indians (NRIs) by 0.25 per cent.

Term deposits between three and five years in rupee term would attract nine per cent against existing 8.75 per cent, SBI said in a statement.

The new rate will be effective from tomorrow.

However, interest rate for other maturities has been left unchanged.

The bank has last revised interest rate on NRE deposits on rupee term on April 24.

Meanwhile, its subsidiary State Bank of Bikaner and Jaipur (SBBJ) has reduced interest rate on fixed deposits for resident Indians by 0.25 per cent on select maturities.

Interest rate on fixed deposit for maturity between 1-3 years has been reduced by 0.25 per cent to 9.25 per cent while 3-5 year term deposit will also earn 9.25 per cent as against 9.50 per cent, SBBJ informed the BSE.

Earlier this month, another public sector Bank of India (BoI) slashed interest rate on fixed deposits by 0.25 per cent on select maturities.

Interest rate on fixed deposit of BoI for maturity between 2-3 years was reduced by 0.25 per cent to 9 per cent.

With the revision, BoI's interest rate on 3-10 years fixed deposit would come down to 9 per cent from 9.25 per cent.

The Mumbai-based bank had last revised the interest rate on fixed deposits on March 22 this year.

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