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SBI revises interest rate on term deposits

While the 1-3 year deposits would be given an interest of 6 per cent, deposits from 3-5 years would be given 6.25 per cent.

business Updated: Jan 07, 2006 17:53 IST
Press Trust of India
Press Trust of India
PTI

State Bank of India (SBI) has decided to revise the interest rate on domestic term deposits with effect from Monday next.

The deposits with a maturity period of 1-45 days would be offered an interest rate of 4.50 per cent, 46-179 days would be given a rate of 4.75 per cent and 180 days to 1 year period deposits would be given interest of 5.50 per cent, SBI said in a release here on Saturday.

Senior citizens would be offered a higher interest of 50 basis points above the card rate, it said.

The term deposits rates have been revised upwards by 50 basis points. The 1-3 year deposits would be given an interest of 6 per cent and deposits from 3-5 years would be given 6.25 per cent, it said.

The deposits with a maturity period of 5 years and above have been revised upward by 25 basis point and would get a rate of 6.50 per cent, it said.

Accordingly the senior citizens would be given 6.50 per cent for 1-3 years deposit, 6.75 per cent for 3-5 years and 7 per cent for deposits with a maturity of 5 years and above, the bank added.

First Published: Jan 07, 2006 17:53 IST