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State Bank of Patiala today said it has increased the interest rates for deposits of maturity of one year to 9.25 per cent from 9 per cent earlier.
With this, deposits of one year to 555 days will attract interest rate of 9.25 per cent.
SBP, which is a wholly-owned subsidiary of India’s largest public sector lender SBI, has also revised the deposit rates to 9.75 per cent for maturity of one year for senior citizens.
Thus, deposits maturing in one year to 555 days will earn interest at 9.75 per cent for elderly people.
The scheme came into effect on September 13, it said in a statement.
It will close on September 28, the last working day of this month, as the bank branches across the country will be closed for public transactions on September 29, on account of the half-yearly closing of accounts.
Meanwhile, SBI and some other major private sector lenders such as Axis Bank, ICICI Bank and HDFC Bank had reduced their deposits rates recently.
The annual interest rate will be 9 per cent for term deposits of 556 days to less than five years, and 8.75 per cent for deposits between five years and ten years, it said.
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