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State Bank of Hyderabad (SBH) has raised the interest rates on domestic term deposits with effect from February 14 by 25 basis points to 50 basis points. Accordingly, the deposit rates for special schemes SBH 1,000 days will be 9.50 per cent and SBH 500 days 9.25 per cent.
According to a statement, SBH increased its Base Rate by 50 basis points from 8.50 per cent to 9 per cent and the Benchmark Prime Lending Rate by 25 basis points from 13.50 to 13.75 per cent with effect from February 14.
Mr N.K. Padhi, General Manager, Operations, SBH, said: “The overall business of SBH had exceeded Rs 1,40,000 crore and is expecting to register a record profit of Rs 1,000 crore for the year ended March 31, 2011. This will be a milestone in the bank's growth story.”
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