SBI hikes interest rates on term deposits

State Bank of India (SBI) today increased interest rates on term deposits across maturities.

According to a release issued by SBI to the BSE, the interest on term deposits of seven to fourteen days has been increased to 3.75% from the earlier 3.5% per annum. Interest on term deposits of 46-179 days has been hiked by 25 basis points to 6.5%. Interest on deposits with maturity of 5-10 years has been increased to 8% as against the earlier 7.25%.

"The revised interest rates will be effective December 11,"  the release added.