SBI increases interest rates on various term deposits | SBI raised deposit rates on term deposits by 1.5%
Banks are increasing interest rates on deposits.Â State Bank of India has increased interest rated by 1.5% on various term deposits. Revised interest rates will be coming into affect from 7.12.2010. Earlier, Governor of Reserve Bank suggested the banks to increase interest rates on deposits.Â ICICI bank, Punjab National Bank and Syndicate Bank has already increased interest rates on term deposits.Â SBI is to pay a maximum of 8.75% on deposits.Â Â This is applicable for deposits whose term is 8 â€“ 10 years.Â This is 1% in addition to the existing interest rate.Â It has also increased 1.5% interest rate on 46 â€“ 90 day term deposits.Â It was 4% before and it has been increased to 5.5%.Â Customers can get 6% interest on 91 â€“ 180 day term deposits.Â Deposits whose term is between 181 â€“ 1 year will get an interest of 7.25% interest of 6%.
Bank of India also increased interest rate on deposits.Â On deposits whose tenure is 1 â€“ 2 years interest rate is increased to 8.25% from 7.25%.