BUSINESS

State Bank hikes deposit rates



Special Correspondent

MUMBAI: State Bank of India (SBI) has raised its deposit rates for various maturities with effect from August 19.

The interest rate for seven days to 14 days has been increased from 3 per cent to 3.50 per cent. SBI also stated that term deposits for maturity period of 7 days to 14 days will continue to be accepted for amounts of Rs. 1 crore and above.

The interest rates for 15 days to 45 days have been increased from 4.50 per cent to 4.75 per cent, 46 days to 179 days from 5 per cent to 5.25 per cent, 180 days to less than one year from 6 per cent to 6.25 per cent, one year to less than three years from 6.25 per cent to 6.75 per cent, three years to less than 5 years 6.50 per cent to 7 per cent and 5 years and up to 10 years from 7 per cent to 7.25 per cent.

For senior citizens, the interest rates for one year to less than three years have been increased from 6.75 per cent to 7.25 per cent, three years to less than 5 years from 7 to 7.50 per cent and 5 years and up to 10 years from 7.50 per cent 7.75 per cent, the bank said.

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