After RBI has done away with the controlling of savings rates, we find that banks are lutring the NRI clients with higher interest rates on the deposits.
Earlier Yes bank had taken a lead and now State Bank of Travancore (SBT) has announced a steep hike in interest rates on NRI term deposits (one year to less than two years ) from 3.82% to 8% which is a steep hike and is effective wef 24 Dec 2011. As per the revision,
The interest rate for deposits of a period of two years to less than three years will be 7.50 per cent (3.51 per cent) and for three years and above up to five years, 7 per cent (3.64 per cent), the spokesman added.
Karur Vysya Bank has proposed to effect a hike in its NRE deposit from December 24.
The yield on deposits of one--two-year tenure is being increased to 10 per cent from 3.82 at present, of 2-3-year time period to 9.75 per cent, and those beyond three years to 9.50 per cent. The revised rates would be applicable on fresh deposits and those that come for renewal.
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