Port Blair, Mar 28: The State Bank of India, the largest lender in the country today raised fixed deposit rates on select maturities by up to 1 percent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight percent interest as against existing seven percent. According to the official statement of SBI, the new rates would be effective from 29th of this month.
Interest rate on 91-179 day period fixed deposits has been raised by 0.75 percent, while interest rate for 181-240 day period fixed deposits has been raised by 1 percent. The current rate of interest is 8 percent.
Interest rate on 241-day to one-year deposits has been raised by just 0.25 percent to 8 percent. SBI becomes the fourth public sector bank to increase fixed deposits rates this month. However, the interest rates on fixed deposits beyond one year maturities remain unchanged. SBI last revised its fixed deposit rates in August 2011. (PIB)
