SBI Increases Rates On Deposits Of Up To 2 Years Maturity

Mumbai: State Bank of India on Jan 3 increased rates on fixed deposits of up to two years maturity. This is the second time in less than a month that the bank is increasing its deposit rates. The interest rates have been increased by between 0.5 and one percentage point with immediate effect. The bank increased the interest rates by tweaking the time bands in its fixed deposit programme. On Dec 12, 2007, SBI had hiked the rates on deposits of one year to 549 days and on deposits of 551 days to less than two years by 25 basis points. For senior citizens, the interest on deposits of tenure one year to less than 2 years is 9.25 per cent and of tenure above 2 years and up to 10 years is 9 per cent.