The Hindu : Business : SBI revises deposit rates

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Tuesday, Aug 07, 2007
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SBI revises deposit rates

Special Correspondent

MUMBAI: State Bank of India (SBI) has decided to revise the interest rates on domestic term deposits with effect from August 9. The rate on term deposits of maturity between one year and less than two years has been revised downwards by 25 basis points to 8 per cent annually from 8.25 per cent; for two years to less than three years the rate has been kept unchanged at 8.25 per cent and that for three years and up to ten years it has been revised upwards by 25 basis points to 8.50 per cent.

Senior citizens (60 years and above) will receive higher interest rate of 50 basis points above the card rate for deposits of one year and above.

For Super Saver term deposits, the bank has reduced the rate of interest to 9.25 per cent from 9.50 per cent for a tenor of four years and above but less than five years. For tenors of five years and above it will be aligned to the card rates of corresponding maturity.

For SBI Smart Deposit scheme, interest rate on the 550-day deposit scheme has been revised downwards by 25 basis points to 9.25 per cent from 9.50 per cent.

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