SBI Hikes Deposit Rates Across Tenures
Deposit rates raised for deposits under 1 year and those higher than 3 year tenures.
State Bank of India has raised its deposit rates across tenures.
Rates have been raised for deposits under the one-year and those higher than three-year tenures. Rates hikes are effective from Wednesday, according to the SBI website.
The country's largest lender has raised interest rates by 50 basis points for deposits maturing in seven days to 45 days. This adjustment means that these deposits will now yield an interest rate of 3.5%.
For deposits with a maturity period of 46 days to 179 days, the bank has increased rates by 25 basis points, resulting in an interest rate of 4.75%. It has raised interest rates by 50 basis points for deposits with a maturity period of 180 days to 210 days, resulting in a new interest rate of 5.75%.
The bank hiked rates by 25 basis points for deposits maturing in 211 days to less than 1 year, bringing the interest rate to 6%. Deposits maturing in three years to less than five years will now earn an additional 25 basis points, offering a new interest rate of 6.75%.
