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Revises forex deposit rates
January, 02nd 2010

The State Bank of India (SBI) on Friday revised its interest rates on foreign currency non-resident (FCNR) account deposits and non-resident external (NRE) term deposits with immediate effect.

With this, FCNR deposits in US dollars, having a maturity of one-two years will now attract an interest of 1.98 per cent as against 2.02 per cent earlier, the bank's press release said.

Dollar deposits in two-three years, three-four years and four-five years will attract a rate of 2.39 per cent compared to 2.01 per cent earlier, 3.04 per cent as against 2.56 per cent earlier and 3.54 per cent, up from three per cent earlier, the release said.

Similarly, deposits in euro and pound, having one-two years maturity, will now attract 2.22 per cent and 2.25 per cent respectively, the bank said.

Deposits in the above currencies having two-three years maturity will offer rate of 2.88 per cent and 3.03 per cent.

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