Date:27/05/2008 URL: http://www.thehindu.com/2008/05/27/stories/2008052755711700.htm

Business - Briefly

SBI raises interest rates on fixed deposits

MUMBAI: State Bank of India on Monday raised the interest rates on fixed deposits. The rates, which will come into effect from June 1, will be raised by half a percentage point to 9 per cent for deposits of duration 5-10 years. It is already paying 9 per cent on deposits of senior citizens (60 years and above), who will now get 9.50 per cent on 5-10 year deposits. While for deposits falling in the category of 3-5 year duration, the rate hike would be 0.35 percentage point at 8.85 per cent, a statement from the bank said.