Public sector lender, State Bank of Hyderabad has announced a rise in interest rates of fixed deposits in the range of 25 to 50 basis points. The revised rates have come into effect from February 14, 2011.
Following the revision, the interest rates of 1000 days and 500 days deposits of the bank will now be 9.5% and 9.25% respectively.
The bank has also increased its base rate by 50 bps taking it to 9% from 8.5% earlier. Also the benchmark prime lending rate (BPLR) of the bank has seen a 25 bps rise to 13.75% now.
Mr N.K. Padhi, General Manager, Operations, SBH, said: "The overall business of SBH had exceeded Rs 1,40,000 crore and is expecting to register a record profit of Rs 1,000 crore for the year ended March 31, 2011. This will be a milestone in the bank's growth story."