SBI hikes deposit rates by 25-50bps

State Bank of India (SBI) today announced hike in deposit rates across maturities by 25-50 basis points (0.25-0.50%) w.e.f tomorrow, August 19, 2006.

According to a release issued by the bank to the BSE today, deposits of 7-14 days would now get an interest rate of 3.50% as against the earlier rate of 3%.

"Deposits of 3 years up to five years would now get 7% as against the earlier rate of 6.50%, and 5 years and above would get 7.25% as against the earlier rate of 7%," the release added.