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SBI hikes long-term deposit rates

SBI hikes deposit rates by 25 to 50 basis points

Apnaloan.com Research Bureau

27 May 2008

State Bank of India (SBI) has announced an increase of 25 to 50 basis points on long-term deposit rates.

The hike has been made on deposits of tenures of two years and above. The revised rates will come into effect from June 1.

The rate on deposits of 2 year to less than 3 years will be revised to 8.75 per cent from the existing 8.50 per cent. The rate on deposits of 3 year to less than 5 years will be revised to 8.85 per cent from the existing 8.50 per cent. The rate on deposits of 5 year to less than 10 years will be revised to 9 per cent from the existing 8.50 per cent.

The bank has also hiked interest rates deposit rates for senior citizens. The revised rate on deposits of 1 year to less than 3 years is 9.25 per cent, 3 years to less than 5 years is 9.35 per cent and 5 years to less than 10 years is 9.50 per cent.