SBI hikes interest rates by 40-90bps
Raises interest on several bulk term deposits
image for illustrative purpose
Mumbai: India's largest lender State Bank of India (SBI) on Tuesday announced a hike of 40-90 basis points (bps) in the interest rates on several bulk term deposits.
The revised interest rates on bulk term deposits amounting to Rs2 crore and above are effective from Tuesday, the bank said. While interest rate on deposits maturing between 7 days and 45 days has been kept unchanged at 3 per cent, those maturing between 46 and 179 days will now attract an interest rate of 3.50 per cent as against 3 per cent earlier.
The public-sector lender also revised interest rate on bulk term deposits maturing between 180 and 210 days by 40 basis points to 3.50 per cent, as against 3.10 per cent earlier, as per the bank's website. Deposits maturing between 211 days and less than 1 year will earn an interest of 3.75 per cent, up 45 bps from 3.30 per cent. The interest rate on bulk deposits having maturities between 1 year and less than two years has been increased by 40 bps to 4 per cent.
