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.