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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