SBI revises its PLR, domestic term deposits rate

Mumbai, Apr 29 (UNI) Premier public sector bank, State Bank of India (SBI) has revised upwards its benchmark prime lending rate (BPLR) to 10.75 per cent with effect from May 1, stated a release issued here today.

SBI has also revised upwards its interest rates on domestic term deposits with effect from the same date.

Accordingly, interest rates on short-term deposits of maturity between 46 days to 179 days and 180 days to less than one year have been revised upwards by 25 and 50 basis points respectively. The revised rate, therefore, stands at 5 and 6 per cent respectively, stated the release.

Interest rates on term deposits of maturity between one year to less than three years and three years to less than five years have also been revised upwards by 25 basis points to 6.25 per cent and 6.50 per cent per annum respectively, added the release, adding that interest rates on term deposits of maturity of five years and up to ten years, have been revised upwards by 50 basis points to 7 per cent per annum.

Senior citizens shall receive a higher interest rate of 50 basis points above the card rate for deposits with a maturity of one year to less than three years, three years to less than five years and five years and up to ten years at 6.75 per cent, 7 per cent and 7.50 per cent respectively.

The bank also announced a new deposit scheme named 'Super Saver Term Deposit' wherein deposits shall be accepted for a maturity of six years and up to ten years with an interest rate at 7.50 per cent.

The interest rate payable to senior citizens will be 0.50 per cent above the rate applicable to other depositors at 8 per cent, stated the release.

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