SBI changes rates on deposit schemes

Reuters
Posted: 2008-01-03 00:00:00+05:30 IST
Updated: Jan 03, 2008 at 1234 hrs IST

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Green energy attracts global players 'Millionaires to rise in India despite slowdown'3 banks raise non-resident deposit rates Centre sends out 11.5% rate signal

State Bank of India, the country's biggest lender has changed interest rates for deposits of different maturities effective from Jan 4, a senior official said on Thursday.

Interest rates on 46-90 days deposits will now yield 5.25 per cent 91-180 days deposits will pay 7 per cent and 181 day-but less than 1 year will pay 7.5 per cent. 1-2 year deposits will now pay 8.75 per cent, AJ Gokhale, deputy general manager- public relations at the Mumbai-based Bank said.

Earlier deposits between 46-270 days were paying 5.25 per cent and 1 year-549 days was paying 8.25 per cent.

Two-year to 10-year deposits will now pay 8.5 per cent. Earlier 2-3 year deposits were paying 8.25 per cent and 3 year-10 year was paying 8.5 per cent.

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» Tax free Deposit Query

Posted by Amit Bansal on 2008-08-31 19:41:39.102407+05:30
Hi,i want to invest 1 lakh amount in SBI to receive tax free rebate.but after 2 years i need educational loan so can i use deposit as security???Pls suggest.

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SBI changes rates on deposit schemes

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