Saturday, April 29 2006 14:44 Hrs (IST) - World Time -

Mumbai: State Bank of India today (Apr 29, 2006) hiked interest rates on domestic term deposits of various maturities in the range of 25-50 basis points with effect from May 1.

The bank also launched a new long-term deposit scheme offering interest of 7.5 per cent per annum.

Interest rates on short term deposits of maturity between46-179 days and 180 days to less than one year has been revised upwards by 25 basis points to 5 per cent per annum and 50 basis points to 6 per cent respectively, a release here stated.

The rates on term deposits of maturity between one-three years and three-five years have been revised upwards by 25 basis points to 6.25 per cent per annum and 6.50 per cent per annum, respectively.

Interest rates on term deposits of maturity five years-10 years have been raised by 50 basis points to 7 per cent per annum.

Senior citizens shall receive half a percentage higher interest rates above the card rate for deposits with maturity of one year to less than three years, three years to less than five years and five years and up to 10 years. The rates will be 6.75 per cent, 7 per cent and 7.5 per cent per annum respectively.

SBI also launched a 'Super Saver Term Deposit' with a tenure of six to 10 years with interest rate at 7.5 per cent per annum.