The State Bank of Patiala (SBOP) has revised interest rates on domestic/non resident ordinary rupee (NRO) term deposits below Rs 1 crore.
The bank is now offering 8.8% on term deposits for a period of one year to five years and 8.75% for a period between five years and 10 years. Senior citizens will be given additional 0.5% on term deposits of one year and above.
Meanwhile, the bank also opened eight new branches in Haryana, Himachal Pradesh, Punjab, Uttarakhand and Karnataka. Among the eight branches, six are in rural areas.
Inaugurating these branches at the Patiala head office, SA Ramesh Rangan, managing director of the bank, said the bank has already opened 84 branches this financial year and plans to open 22-25 more branches, which will include Money Shop branches which will be technology-intensive branches, concentrating on providing quality banking services.