Public sector lender State Bank of Travancore has announced a reschedule in its term as well as NRO deposit rates.

The lender has merged many fixed deposit tenor slabs along with revising interest rates.

Thus there would now be only four slabs - 15-90 days, 91-179 days, 180 days to less than one year and one year to 10 years as against 15-45 days, 46 to 90 days, 91 to 179 days and 180 days to one year earlier.

Deposits above Rs 15 lakhs for tenor of 500 days would now attract interest rate of 9.60%.

For deposits of 1 year and above, senior citizens would get an additional 50 bps interest on deposits of Rs 5000 and above.