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SBI raises FCNR (B) interest rates by 0.25 pc

The State Bank of India has increased the foreign currency non resident (banking) deposit interest rates on pound sterling deposits by 0.25 per cent and 0.50 per cent for maturities of two years and above, but less than three years and three years respectively, effective from November 22, 1999.

The revised interest rates for the maturity of two years and above but less than three years, will be 5.50 per cent and for maturity of three years at 5.75 per cent.

However, there will be no change in the interest rate for pound sterling deposit with one year and above but less than two years maturity. The existing depsoit rate in US dollars, deutsche mark, euro and Japanese yen deposits in all the maturities were also kept unchanged.

The revised interest rates shall be applicable only on fresh deposits and renewals of maturing deposits.

UNI

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