SBI hikes domestic term deposit rates by up to 150 bps
06 Dec 2010
The country's largest lender, State Bank of India (SBI), today announced a steep 50 to 150 basis points increase in interest rates on domestic term deposits of all maturities, effective tomorrow (7 December). The revised rates are applicable to all domestic term deposits of a value of up to Rs1 crore.
Another major nationalised bank, Bank of India, also today announced an upward revision in interest rates on deposit rates of select maturities, with immediate effect (6 December 2010).
SBI will pay 3 per cent interest on deposits of 7 to 14 days maturity.
For deposits of 15 to 45 days, SBI will now pay 4.5 per cent interest against the existing 4 per cent while for deposits of 46 days to 90 days the new rate is 5.5 per cent against the existing 4 per cent - a steep hike of 150 basis points.
For deposits of 91 to 180 days maturity, the new rate is 6 per cent against the current 5.5 per cent.
For deposits of 181 days to less than 1 year, SBI will pay 7.25 per cent interest against 6 per cent currently.
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