Public sector bank, State Bank of Patiala, has announced a hike in interest rates on select fixed deposits.
For deposits having maturity of one year, the rates have been increased to 9.25 percent from 9 percent which it was offering earlier. For fixed deposits having a maturity period from one year to 555 days, the new interest rates are 9.25 percent.
For senior citizens also, the bank has increased its deposit interest rates, on deposits having maturity of one year, to 9.75 percent. With this, term deposits with a maturity period of one year to 555 days will offer 9.75 percent interest to seniors.
The bank issued a statement which said that the new rates have been effective from September 13, 2012. It further said that this scheme will be ending on the last working day of the current month, i.e. on September 28. The next day, i. e. on September 29, all branches of SBP will be closed for public dealings for the scheduled half yearly closure of accounts.
It is to be noted that recently State Bank of India and other banks, including private sector banks like ICICI Bank, HDFC Bank and Axis Bank, had slashed their interest rates on various fixed deposit schemes.
State Bank of Patiala is an associate bank of India's largest bank State Bank of India.