SBT raises interest rates on term deposits

The State Bank of Travancore (SBT) has hiked the interest rates for domestic term deposits and non resident ordinary term deposits for various periods with effect from February 26 (Monday).

Accordingly, the rate of interest on deposits of Rs 25 lakh and above will be 4.5 percent for a period of 14 days, while for 15 to 45 days it will be 5 per cent, 5.5 percent for a period of 46 to 90 days, 6 percent for 91-179 days, 8 percent for 180 days to less than a year, 8.6 percent for one to two years, 8.75 percent for 2- 3 years, 9 percent for 3"�4 years and 9.5 percent for 4-5 years.

Senior citizens will get 0.25 per cent additional interest on deposits of Rs 5,000 and above, for periods of 1 year and more, the bank said.