SBI hikes FCNR deposit rates by up to 175 bps

State Bank of India (SBI), on Monday, hiked its interest rates on foreign currency and resident foreign currency deposit schemes in the range of 75-175 basis points for its non-resident Indian customers.

In this context, an SBI spokesperson said: We are expecting good deposit mobilisation from US dollar schemes. 

For starters, SBI is eying for 25 per cent growth in foreign currency deposit schemes in FY13, said he and pointed out that “it would be a bit challenging task to attain this target.

Euro or GBP dominated schemes are likely to see muted growth, while the political turbulance in France could have impact on Euro.” Currently, total NRI deposit book stands at around Rs 65,000 crore of which foreign currency non-resident scheme or FCNR forms is Rs 18,000 crore.