SBI, ICICI, Other Banks Hike Foreign Currency Interest Rates Following RBI's Forex Flow Relaxation
2 years, 5 months ago

SBI, ICICI, Other Banks Hike Foreign Currency Interest Rates Following RBI's Forex Flow Relaxation

News 18  

New Delhi: SBI, ICICI Bank and IDFC First Bank have raised interest rates on foreign currency non-resident deposits in response to the Reserve Bank’s relaxation last week to shore up forex inflows. The largest public sector lender State Bank of India has revised the foreign currency non-resident deposits rates on US dollar in the range of 2.85-3.25 per cent per annum on various tenure US dollar deposits with effect from July 10, 2022. ICICI Bank has revised upwards FCNR by 0.15 per cent on deposits of higher than and equal to USD 350,000 for 12-24 months tenure to 3.50 per cent. HDFC Bank revised FCNR on USD deposits for tenure of 1 year to less than 2 years at 3.35 per cent with effect from July 9, 2022.

History of this topic

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