Special Correspondent

THIRUVANANTHAPURAM: The State Bank of Travancore has announced an upward revision in the interest rates for FCNR and NRE Term Deposits with effect from June 1, 2008.

As per the revision, interest rate of NRE deposits will be 3.16% (existing: 3.08%) per annum for Term Deposits for a period of 1 year to less than 2 years, 3.46% (existing: 3.18%) for 2 years to less than 3 years and 3.81% (existing: 3.45%) for 3 years and above to 5 years.

The interest rate for FCNR deposits in U.S. dollars will be 2.41% for a period of 1 year to less than 2 years, 2.71% for 2 years to less than 3 years, 3.06% for 3 years to less than 4 years, 3.30% for 4 years to less than 5 years and 3.47% for 5 years. For deposits in Pound Sterling, the corresponding rates will be 5.40%, 5.26%, 5.20%, 5.12% and 5.02% respectively and for deposits in Euro will be 4.34%, 4.23%, 4.11%, 4.03% and 3.98% respectively.

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