The State Bank of India (SBI) building stands in Kolkata, India (Photographer: Brent Lewin/Bloomberg)

SBI Raises Deposit Rates By 0.1%

State Bank of India increased the fixed deposit rates by up to 10 basis points to 6.80 percent on select maturities.

The new rates ranging from 5-10 basis points are applicable for deposits below Rs 1 crore and are effective immediately, according to the state-run bank’s website. (One basis point is one hundredth of a percent)

This follows an increase in deposit rates by HDFC Bank Ltd. by up to 0.5 percent and ICICI Bank Ltd. by up to 0.25 percent on select maturities earlier this month.

For fixed deposits maturing in one to less than two years, SBI revised its rate to 6.80 percent from 6.70 percent earlier. For senior citizens, the new rate for the same maturity has been increased to 7.30 from 7.20 percent.

For deposits maturing in two to less than three years, the rate has been increased to 6.80 percent from 6.75 percent. Senior citizens will get a rate of 7.30 percent against 7.25 percent on deposits with a tenure of two to less than three years.

The lender has kept deposits rates unchanged for other maturities. It is offering a deposit rate of 6.80 percent for a tenure of three years to less than five years.

Also read: HDFC Bank Hikes Deposit Rates, Bank Of Baroda Raises Lending Rate