Business Daily from THE HINDU group of publications
Friday, Jan 04, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 04, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
|
Home Page
-
Interest Rates Money & Banking - Fixed Deposits
Our Bureau Mumbai, Jan. 3 State Bank of India on Thursday hiked rates on fixed deposits of up to two years maturity. This is the second time in less than a month that the bank is hiking its deposit rates. The interest rates have been hiked by between 0.5 and one percentage point with immediate effect. The bank increased the interest rates by tweaking the time bands in its fixed deposit programme. ‘on investor demand’A senior official from SBI said the rate hike followed demand from retail investors. “We are assessing our customers’ needs, especially retail customers, and therefore decided to offer higher rates,” he said. On December 12, 2007, SBI had increased the rates on deposits of one year to 549 days and on deposits of 551 days to less than two years by 25 basis points. At that time officials said the bank was concentrating on short term deposits in order to reduce its deposit costs. For senior citizens, the interest on deposits of tenure one year to less than 2 years is 9 .25 per cent and of tenure above 2 years and up to 10 years is 9 per cent. More Stories on : Interest Rates | Fixed Deposits | State Bank of India
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
