State Bank of Patiala Increases Deposit Rates to 9.25 Percent

Indian government-run State Bank of Patiala (SBP) launched a savings promotion scheme offering annual interest rate of 9.25 percent on domestic term deposits of one year to 555 days.

The SBP's annual interest rate will be nine percent for term deposits spanning 556 days to less than five years and 8.75 percent for deposits between five and ten years.

According to the bank which is a wholly-owned subsidiary of State Bank of India (SBI), the scheme which came into effect on Sept. 13 will close on Sept. 28.

For senior citizens, the bank is offering an interest rate that is a tad higher at 9.75 percent.