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Our Bureau

Mumbai , Dec. 8

State Bank of India (SBI) has raised interest rates on deposits effective December11. The last interest rate revision was on August 19.

Interest rates on domestic term deposits, deposits of senior citizens and super saver term deposits have been hiked by 25 basis points to 75 basis points. Rates on term deposits with maturity of `seven days to 14 days' have been raised from 3.5 to 3.75 per cent per annum while that on term deposits with maturity of `one year to less than three years' has been marked up to 7.5 per cent (6.75). For five years and above, term deposits will fetch eight per cent (7.25 per cent).

Senior citizens will get higher returns on deposits of one year to less than 3 years at 8 per cent as against 7.25 per cent. For five years and above, the interest rate has been fixed at 8.5 per cent (7.75 per cent).

Super Saver Term Deposits will earn more effective November 27. The new rates on deposits of less than Rs 1 lakh with tenure of six years and up to 10 years have been standardised at eight per cent (7.75 per cent) while that on deposits of Rs 1 lakh and more remains unchanged at eight per cent. The super saver term deposits of less than Rs 1 lakh for senior citizens will earn 8.5 per cent (8.25 per cent).

More Stories on : Fixed Deposits | Interest Rates | Public Sector Banks | State Bank of India

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