New Delhi: State Bank of India (SBI) on Monday increased its interest rate on fixed deposits for Non-resident Indians (NRIs) by 0.25 percent.
Term deposits between three and five years in rupee term would attract nine percent against existing 8.75 percent, SBI said in a statement.
The new rate will be effective from Tuesday. However, interest rate for other maturities has been left unchanged.
The bank has last revised interest rate on NRE deposits on rupee term on April 24.
Meanwhile, its subsidiary State Bank of Bikaner and Jaipur (SBBJ) has reduced interest rate on fixed deposits for resident Indians by 0.25 percent on select maturities.
Interest rate on fixed deposit for maturity between 1-3 years has been reduced by 0.25 percent to 9.25 percent while 3-5 year term deposit will also earn 9.25 percent as against 9.50 percent, SBBJ informed the BSE.
Earlier this month, another public sector Bank of India (BoI) slashed interest rate on fixed deposits by 0.25 percent on select maturities.
Interest rate on fixed deposit of BoI for maturity between 2-3 years was reduced by 0.25 percent to 9 percent.
With the revision, BoI's interest rate on 3-10 years fixed deposit would come down to 9 percent from 9.25 percent.
The Mumbai-based bank had last revised the interest rate on fixed deposits on March 22 this year.
First Published: Monday, July 16, 2012, 23:28