SBI introduces new deposit rates w.e.f October 1, 2008
India's biggest public-sector lender State Bank of India (SBI) has increased its deposit rates in certain maturities effective from October 1.
The bank has launched a 1000-days deposit scheme that provides 10.5% interest to depositors. However, senior citizens will receive a higher 11% interest in the new deposit-scheme.
Besides this, the lender has informed that an additional 0.25% rate above the card rate will be offered on a single term deposit of Rs 15 lakh and above, having tenure of 181 days to less than 2 years.
Correspondingly, 0.1% above the card rate will be paid on a single term deposit of Rs 15 lakh and above for other periods of less than 181 days and the periods of 2 years and above.
Earlier, the bank had just one slab for the period between two years to three years and was paying 9.5% for the same. But now the bank has formed three slabs within two years to three years category.
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