The country’s largest bank, State Bank of India has announced that it expects interest rates to remain stable in the near future.

O P Bhatt, Chairman, SBI said in a statement, "Interest rates look stable for the time being... at least till April."

Yesterday, the bank has hiked deposit rates by 25 to 50 basis points for different slabs and by 100 basis points for six months.

According to latest emendation, SBI would now pay interest of 7% on 91-180 day deposits, 7.5% on 181 days to less-than-a year deposits, 8.75% on deposits of 1 year to 2 years, 8% and 8.5% interest on two years to up to 10 years deposit.

While, the new deposit categories for senior citizens will be one year to less than two years with 9.25% interest and two years to 10 years with 9% interest. The Short term deposits of 15 to 45 days will continue to fetch an interest of 4.75%.

On bank’s right issue, Bhatt quoted that the bank will finalize details by mid-January for a planned $4 billion rights equity offering.

While, the rights issue date and ratio will be decided by the middle of this month, he added.

The bank is also set to enter the general insurance. It has invited expression of interest (EoI) for its proposed foray into non-life insurance segment.

The bank is looking for a joint venture partner for its proposed foray into non-life insurance in accordance with the FDI regulations for insurance companies in India, an official release said.

The group is already present in life insurance with the name of “SBI Life” in partnership with French firm Cardif SA. Interested parties can submit their EoI by January 21, the bank said.

At 2:15 pm, the share was quoting at Rs 2402 on NSE, up Rs. 6.45 or 0.27%. Today, It touched lifetime intraday high of Rs 2574.