SBI hikes interest rates on deposits

State Bank of India (SBI), the country's largest bank, today increased interest rates on term deposits between Rs 15 lakh and Rs 1 crore to 8.25% per year.

The new rates would be effective January 8, 2007, and applicable for term deposits with maturity of over one year and above, the bank said in a release today.

This offer will be available for a limited period till March 31, 2007, the release added.