State Bank of Patiala (SBoP) has hiked its term deposit rates by 25 bps to 50 bps also launched a new product of 999 days offering 8%p.a. interest rate for its existing and new customers. The new rates will be applicable from 4 October, 2010.
SBoP spokesperson informed that interest rate for 555days have been raised to 7.75% from 7.50%. Interest rate for 91 to 180 days is 5.50% p.a., for 181 days to 269 days rate is 6.25% p.a. and 270 days to < 1year it is 6.50% p.a., while interest rate for 1 year to 554 days & 556 days to 2 years has been set at 7.50% p.a.
For deposit of more than 2 years to less than 8 years (except for 999days) bank is offering interest rate of 7.50% p.a. and for 8 years to 10 years 7.75% p.a. Additional interest rate for senior citizens have been set at @ 0.50% for a period of one year and above. The spokesperson said, for SBP Tax Saving Scheme interest has been set at 7.50% p.a.