State Bank of Travancore has announced a revision in interest rates for Foreign Currency Non-Resident (FCNR) deposits with effect from Saturday. Following the revision, interest rate for FCNR deposits in U.S. Dollars are 2.60 per cent for a period of 1 year to less than 2 years, 2.44 per cent for 2 years to less than 3 years, 4.70 per cent for 3 years to less than 4 years, 5.06 per cent for 4 years to less than 5 years and 5.44 per cent for 5 years.
For deposits in Pound Sterling, the corresponding rates are 2.87 per cent, 2.79 per cent, 5.04 per cent, 5.34 per cent and 5.60 per cent.
The corresponding rates for deposits in Euro will be 2.49 per cent, 2.51 per cent, 4.66 per cent, 4.87 per cent and 5.09 per cent. Interest rate for Resident Foreign Currency (RFC) term deposits for 6 months to less than one year is 1 per cent, 1 year to less than 2 years 2.60 per cent, 2 years to less than 3 years 2.44 per cent and for 3 years 4.70 per cent. — Special Correspondent
