Public sector lender State Bank of Patiala has declared a 50 basis point rise in interest rates of fixed deposits. The revised rates have come into effect from January 5, 2011.
The interest rates on 555 day and 999 day deposits will now be 9.25% following the revision.
Also deposits having tenor of 15-45 days will now fetch 5% interest and 46-90 day deposit will earn 5.5% interest.
Maturities of 91-180 days also have revised interest of 6.25% and those of 181 days to 1 year will earn 8% interest.
Senior citizens will be offered 0.50% additional interest on deposits of 1 year and above, the bank said.