State Bank of Patiala hikes term deposit rates by 50 bps

Public sector lender State Bank of Patiala has announced a 50 basis points hike in interest rates on term deposits of various maturities with effect from today.

According to a press release, interest rates on term deposits of 555-day and 999-day tenor have been increased to 9.25 per cent.

Furthermore, deposits with a term of 15-45 days will now attract 5 per cent interest and 46-90 day term deposits will earn interest at the rate of 5.5 per cent.

The interest rate on deposits with a term of 91-180 days has also been hiked to 6.25 per cent and term deposits with a tenor of 181 days to one year will earn interest at the rate of 8 per cent.

The bank said that senior citizens will be earn 0.50 per cent additional interest on deposits with a tenor of one year and above.