SBI increases Interest Rates with new deposit schemes

Posted by moneyguru

October 3, 2008

Indiaâ€™s largest public-sector undertaking, the State Bank of India (SBI) has revised its interest rates and has came up with three slabs for the 2-3 years category which will be effective from October 1.
As per the scheme, the bank has increased the deposit rates by 1% to 10.5% for the 1000 days maturity deposit for the depositors.
On the other hand, the deposit rates for 2-3 year maturity have been increased from 9.5% to 12.50%. Under the same scheme, the senior citizen will be benefitted by getting additional 0.5% interest.
Apart from that, the bank will also offer an additional 0.25% rate above the card rate on a single term deposit of Rs 15 lakh and above, which will have tenure of 181 days to less than 2 years. Further, for the tenure of less than 181 days and the period of 2 years, the bank will also offer 0.1% above the card rate on a single term deposit of Rs 15 lakhs and above.