SBI raises short-term deposit rates

Amid tight liquidity conditions, the scramble to raise resources has made State Bank of India (SBI) raise short-term deposit rates by 175-200 basis points above card rates. From March 1, for deposits with a maturity of up to 180 days, the bank would offer nine per cent interest per year for fresh deposits between Rs 15 lakh and Rs 1 crore. A senior SBI official said the revision in rates at at the short end was to attract resources.