SBI increases interest rate for deposits between 180-210 days

SBI said in view of abundant liquidity coupled with slower than anticipated credit pick up it also decided to cut interest rates for deposits between one year to three year by 25 bps to 8.75%

 

State Bank of India (SBI), the country's largest, state-run lender said it has revised interest rates for select term deposits below Rs1 crore from 18th September due to abundant liquidity and slower credit pick up.

 

"SBI decided to cut the deposit rates by 25 basis point to 8.75% in the one-three year term, while increasing interest rate by 25 basis points for deposit between 180 to 210 days period," the lender said in a statement.

 

SBI said, "With the inflation also trending down at a faster clip, this rate adjustment will continue to ensure that the savers are compensated adequately with a positive real rate on their deposits."

 

(All figures in % per annum)

 

Existing rates

Revised rates

w.e.f. 18/09/2014

180 days to 210 days

7.00

7.25

1 year to less than 3 years

9.00

8.75

 

While deposits from 7 days to 179 days would continue to earn the same interest of 7% per annum, for deposits of 180 days to 210 days, the interest rate has been revised upwards to 7.25%. The interest rate for deposits from 211 days to less than one year would remain unchanged at 7.5%.

 

However, for deposits for a period ranging from 1 year to less than 3 years, the interest rate will be reduced by 0.25% to 8.75% from 9%. For deposits of three years to less than five years, interest rate will remain unchanged at 8.75% while deposits of five years and above will continue to earn interest of 8.5% as earlier, SBI said in the statement.

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