SBI to raise term deposit rates by 25-50 basis points from May 1

29 Apr 2006

1

Mumbai: State Bank of India has announced hikes interest rates on domestic term deposits from 25 to 50 basis points depending on the deposit period, with effect from May 1, 2006.

In a release issued by SBI, interest rates on short-term deposits between 46-179 days and 180 days to less than one year has been increased by 25 basis points to 5 per cent per annum and 50 basis points to 6 per cent respectively.

The rates on term deposits from one to three years and from three to five years have been increased by 25 basis points to 6.25 per cent per annum and 6.50 per cent per annum, respectively.

Interest rates on term deposits from five years to 10 years have been raised by 50 basis points to 7 per cent per annum.

Senior citizens would receive half a percent higher interest; they would receive 6.75 per cent for deposits of one year to less than three years, 7 per cent for deposits of three years to less than five years and 7.5 per cent for deposits from five years to 10 years.
The banks has also launched a `super saver term deposit' with a tenure of six to 10 years with interest rate at 7.5 per cent per annum.

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