Connect with Us
Moneylife - Facebook Moneylife - Twitter Moneylife - Linkedin Moneylife - Youtube Moneylife Rss feed
close

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

SBI increases lending, deposit rates

    • 0 Comments, Be the first to comment
  • + COMMENT

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.

 


Post Comment

More in Moneylife

Will 'Jeevan Praman' really help ease life for pensioners? +1577 views

TODAY'S TOP STORIES

Post your Comment


Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

CSR Reporting, legal and fiscal due diligence by NGOs

LATEST COMMENT

I posted my queries to the official State Bank of India page on Facebook.Their replies were not only ridiculous b.. AUROTTAM KUNDU

MORE

Accumulating debt faster than savings Moneylife Digital Team

SBI cuts home loan interest rates; offers special rates for women Moneylife Digital Team

Be the first to comment
Daily Newsletter

1,00,000 Readers

Follow Moneylife
DNL facebook icon DNL linked in icon DNL twitter icon DNL youtube icon DNL rss icon
Moneylife Magazine

What's your say?

Will Shiv Sena join hands with BJP govt in Maharashtra?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Will you buy, read Sachin Tendulkar's autobiography, 'Playing It My Way'?

Thanks for casting your votes! View Previous Polls

Join Over 100,000 Awesome Readers

  1. News that Mainstream media does not always cover
  2. Views that are bold and unbiased
  3. Reports that focus on your interests as consumer, investor & citizen