SBI and Bank of India hike deposit rates

State Bank of India(SBI) and Bank Of India(BoI) announced a hike in their deposit rates by 1.0 and 1.5 percentage points. SBI is now offering 7.75% on its 1-year deposit compared to 7% offered earlier. SBI's new rates will become effective from Tuesday while those of BoI from Monday. Other banks are expected to follow.