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Moneylife » Personal Finance » Loans » SBI increases lending, deposit rates

SBI increases lending, deposit rates

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Moneylife Digital Team | 19/09/2013 02:26 PM | 

SBI has increased deposit rates to 7.5% from 6.5% for deposits below Rs1 crore for maturity between seven to 179 days and 211 days to less than a year

State Bank of India (SBI), the country's largest lender, has hiked its base rate by 10 basis points (bps) to 9.8% from 9.7% and also certain retail deposit rates by 25 bps to 100bps. SBI has also hiked the benchmark prime lending rate by 10 basis points from 14.45% to 14.55% with immediate effect.

 

The state-run lender hiked deposit rates for deposits of less than Rs1 crore for various maturities from 7 days to 10 years.
 

Tenor

Public

 

Existing Rates w.e.f. 01.03.2013

Revised rates 

With effective from

7 days to 179 days

6.50%

7.50%

19.09.2013

180 days to 210 days

6.50%

6.80%

20.09.2013

211 days to less than 1 year

6.50%

7.50%

20.09.2013

1 year and up to 10 years

8.75%

9.00%

19.09.2013

 











After the latest deposit rate hike, SBI will offer 9% interest on 1-10 year retail deposits. Till date, this bank was offering 8.75% on such deposits.

 

Base rate is the rate below which banks cannot lend. This move from the country's largest lender may prompt other public sector lenders to hike their base rates.

 


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