SBI revises interest rates on domestic term deposits

State Bank of India has decided to revise interest rates on Domestic Term Deposits with effect from 9th August 2007.

Interest rate on term deposits of maturity between '1 year to less than 2 years' have been revised downwards by 25 basis points to 8% p.a. from 8.25%. Interest rate on term deposits of maturity '2 Years to less than 3 Years' has been kept same at 8.25% and interest rate on deposits of maturity '3 Years and up to 10 Years' has been revised upwards by 25 basis points to 8.50%.

Senior Citizens (60 years and above) will receive higher interest rate of 50 bps above the card rate for deposits of maturity 1 Year and above.

Super Saver Term Deposit Scheme: The Bank has reduced the rate of interest offered on Super Saver Term Deposit Scheme for a Tenor of '4 Years and above but less than 5 Years' by 25 basis points from 9.50% to 9.25%. The rate of interest for tenors of 5 years and above under this scheme will be aligned to the card rates of corresponding maturity.

SBI Smart Deposit Scheme: The Rate of interest offered on the 550-Day deposit scheme 'SBI Smart Deposit' has also be revised downwards by 25 basis points from 9.50% to 9.25% with effect from 9th August 2007.