State Bank of India (SBI), from October 1 will be increasing its deposit rates in certain maturities.
According to SBI press release the bank has introduced a 1000-days fixed deposits scheme in which bank is offering 10.5 per cent interest to depositors. It said under this scheme the senior citizens will get a higher 11 per cent interest in the new deposit-scheme.
The bank sources added, in addition, an additional 0.25 per cent rate above the card rate is being offered on a single term deposit of Rs 15 lakh and above, the tenure will be of 181 days to less than 2 years, the bank said.
The bank said likewise, 0.1 per cent above the card rate will be given 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.