It has revised rates for two-three maturity basket from 8.5 per cent to 8.75 per cent.
The new rate for three to five year slab will be 8.85 per cent aganist the existing rate of 8.5 per cent. For five to 10 year bracket, the rate has been revised to 9 per cent from 8.5 per cent at present, SBI said in a statement today.
India's largest commercial bank had revised term deposit rates last month and the latest move is also aimed at garnering more long-term deposits, a bank executive said.
The latest round of revision in rates is likely to impact its net interest margin (NIM), which was under pressure in 2007-08, dipping to 3.07 per cent from 3.41 per cent in 2006-07.
With strong competition among banks to mop up funds, SBI's cost of deposits rose 80 basis points to 5.6 per cent during 2007-08, putting pressure on NIM.
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The bank's deposits grew 23.4 per cent to Rs 4,35,521 crore at the end of March 2008, with current and savings accounts (CASA) maintaining its share at 43 per cent. SBI's share in the deposits market moved up from 14.8 per cent at the end of March 2007 to 15.4 per cent at the end of March 2008.