SBI raises 3-10 yr term deposit rates to 8.5%

New Delhi, Aug 6 (UNI) Country's largest lender State Bank of India (SBI) today raised 3-10 year domestic term deposit rates to 8.5 per cent from August 9.

Interest rate on term deposits of maturity between one year to less than two years have been revised downwards by 25 basis points to 8 per cent from 8.25 per cent, while interest rate on term deposits of maturity two years to less than three years has been kept same at 8.25 per cent, bank said in a statement.

Interest rate on deposits of maturity three years and up to 10 years has been revised upwards by 25 basis points to 8.5 per cent.

SBI earlier paid 8.25 per cent on deposits of five years and above.

Senior citizens (60 years and above) will receive higher interest rate of 50 bps above the card rate for deposits of maturity one year and above.

The bank has reduced the rate of interest offered on Super Saver Term Deposit Scheme for a tenure of four years and above but less than five years by 25 basis points from 9.5 per cent to 9.25 per cent.

The rate of interest for tenure of five years and above under this scheme will be aligned to the card rates of corresponding maturity.

The rate of interest offered on the 550-day deposit scheme 'SBI Smart Deposit' has also be revised downwards by 25 basis points from 9.5 per cent to 9.25 per cent with effect from August 9.

UNI