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Mumbai Jan. 20 State Bank of India has introduced a new term deposit product carrying an interest rate of 9 per cent per annum compounded quarterly.

The `SBI Platinum Account', as it is called, will be available from January 22, and is for a maximum period of three years, said a statement from the bank.

The depositor will have the right to exercise `put options' to receive the deposit with the accrued interest at 8.25 per cent per annum on expiry of one year; and at 8.50 per cent on expiry of two years. There is no provision for premature penalty for exercising put option. However, no interest will be paid if deposit is withdrawn before the completion of one year.

The scheme is valid up to March 31, 2007.

State Bank of India will also offer higher interest rates on all deposits with maturity of one year and above in the next two and half months.

The country's largest bank had earlier announced that effective January 8, the interest rate would inch up to 8.25 per cent only on domestic term deposits of Rs 15 lakh and above but less than Rs 1 crore having maturity of one year and above.

SBI has now extended the higher interest rate of 8.25 per cent to all deposits of one year and above with effect from January 22. The revised rates for all deposits will be applicable only up to March 31.

Senior citizens will be offered an additional rate of 0.50 per cent annually over and above the rate for deposits of "one year and above".

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