SBI increases interest rates on domestic term deposit

BETTER RETURNS: Interest rates for fixed deposits at the State Bank of India have been raised from 35 to 50 basis points.

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Mumbai: India's largest bank, State Bank of India on Monday revised upwards interest rates on deposits of two years and more with effect from June 1.

The deposits for duration two years to less than three years will now earn an interest of 8.75 per cent, the same as deposits of one year to less than two years, a press release said.

Also, interest rates on deposits of three years to less than five years has been increased to 8.85 per cent from 8.5 per cent.

Interest rates on deposits of five years and upto 10 years will be 9 per cent as against 8.5 per cent at present, the release added.

For senior citizens, the deposits of two years and upto 10 years has been bifurcated into two categories of deposits of three years to less than five years and 5 years to 10 years.

The interest rates on the new buckets will be 9.35 per cent and 9.5 per cent as against 9 per cent earlier, it said.

Interest rates on senior citizen deposits of one year to less than two years will continue to be 9.25 per cent.

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