Milestone of India - PSU SBI hikes deposit rates.

MUMBAI: State Bank of India (SBI) revised upwards its deposit rates by 25-75 basis points for various maturities, effective October 1.

However, the deposit rates for 15-45 days and 46-80 days would remain at the current level of 4 per cent. Further the rate for deposits of 181 days to less than one year would be the same at 6 per cent.

The deposits above three years also would get only the same rates now prevailing. Three years to less than 5 years 7.25 percent; five years to less than 8 years 7.50 per cent; and 8 years and up to 10 years 7.75 per cent. The rates for deposits of 91-180 days increased from 4.75 per cent to 5.50 per cent; one year to 554 days from 6.75 per cent to 7 per cent; for 555 days from 7.25 per cent to 7.50 per cent; 556 days to less than two years from 6.75 per cent to 7.25 per cent; two years to 999 days from 7 per cent to 7.50 per cent; for 1,000 days from 7.25 per cent to 7.75 per cent; 1,001 days to less than three years from 7 per cent to 7.25 per cent.

While announcing the quarterly review of its base rate, State Bank of India has decided to keep the rate at the existing level of 7.50 per cent annually.