SBI to pay more interest for domestic term deposits

May 26th, 2008 - 7:14 pm ICT by admin  

Mumbai, May 26 (IANS) India’s largest bank, the State Bank of India, has raised its interest rate on domestic term deposits with maturity of two years and more by 25-50 basis points, effective from June 1. Deposits for the period of two to three years will now fetch 8.75 percent compared to the existing eight percent and those for three years to less than five years will get 8.85 percent compared to 8.5 percent now.

Deposits for longer periods of five years to 10 years will fetch nine percent, up from 8.5 percent.

For senior citizens the interest rate of 9.25 percent will be applicable for the period of one year to three years instead of the existing one-two year term.

In their case, deposit rates for three and up to five years and for five years to 10 years will be 9.35 percent and 9.5 percent respectively compared uniform nine nine percent from two years to 10 years.

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