SBoP has introduced 999 days tenor deposit, hiked term deposit rates by 25 bps to 50 bps

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.