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SBI raises deposit rates

Special Correspondent

MUMBAI: State Bank of India has revised the interest rates upwards by 25 to 50 basis points (bps) on domestic term deposits of different maturities with effect from January 9.

Interest rates on short-term deposits of maturity between 15 days and 45 days, 46 days and 179 days and 180 days to less than one year have been revised upwards by 50 bps, 25 bps and 50 bps, respectively to 4.50 per cent, 4.75 per cent and 5.50 per cent, respectively. Interest rates on term deposits of maturity between one year and less than three years and three years and less than five years have been revised upwards by 50 basis points to 6 per cent and 6.25 per cent, respectively. The rates on term deposits of maturity five years and above have been revised upwards by 25 basis points to 6.50 per cent.

"Senior citizens shall receive higher interest rate of 50 basis points above the card rate for deposits. Accordingly, interest rate for senior citizens for term deposits of one year to less than three years, three years to less than five years and five years and above shall be 6.50 per cent, 6.75 per cent and 7 per cent respectively, annually,'' the bank said. Term deposits for maturity seven days to 14 days shall be accepted for amounts of Rs. 1 crore and above which shall carry interest rate at 3 per cent annually.

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