SBI hikes interest rates on domestic term deposits
26 May 2008
The State Bank of India, the country's largest lender, has announced an upward revision of interest rates on deposits of two years and above, effective 1June.
For deposits of two years to less than three years duration the interest rate would be 8.75 per cent while the rates for deposits of one year to less than two years will remain unchanged, a release said.
SBI said the deposit rates for 3-5 year deposits would go up by 35 basis points to 8.85 per cent.
For 5-10 year deposits the bank has raised interest rates by 50 basis points to 9 per cent.
For senior citizens, the deposits of two years and up to 10 years has been bifurcated into two categories of deposits of three years to less than five years and 5 years to 10 years.
The interest rates will be 9.35 per cent for the 3-5 year deposits and 9.5 per cent for 5-10 years against 9 per cent earlier, the statement added.
Interest rates on senior citizen deposits of one year to less than two years will continue to be 9.25 per cent.
