SBH cuts NRE deposits rate

State Bank of Hyderabad (SBH) has reduced the rate of interest on Non-Resident External (NRE) term deposits. The interest rates on deposits for the period of one year to less than two years was brought down to 4.9 per cent from 5.28 per cent and for deposits of  two years to less than three year tenure, interest rate is cut to 4.59 per cent from 4.9 per cent.

On deposits between three to five years the interest rate is fixed at 4.64 per cent compared to 4.91 per cent earlier. The revised rates are applicable with effect from October 1, 2008.