Bringing cheer to many State Bank of India investors, the country’s largest lender today announced a hike in its term deposits rates across different maturities. The new rates will be effective from February 28, 2018.
The bank said that it has revised retail and bulk deposits rates by up to 0.75 per cent for various maturities.
For retail deposits, below Rs 1 crore, rates have been increased by up to 0.50 per cent. For deposits maturing in one year to less than two years, rates have been raised by 0.15 per cent to 6.40 per cent from 6.25 per cent earlier.
The retail deposit rates for two years to up to 10 years have been changed by 0.50 per cent to 6.50 per cent from 6 per cent.
SBI, country’s largest lender, revised its bulk term deposit rates for the third time in as many months.
For Rs 1 crore to Rs 10 crore bulk deposits, maturing in one year to less than two years, the bank raised rates by 0.50 per cent from 6.25 per cent to 6.75 per cent.
For deposits maturing in two to less than three years, the rates have been increased by 0.75 per cent to 6.75 per cent.
For above Rs 10 crore bulk deposits maturing between one year to less than two years, the rates have been raised by 0.50 per cent to 6.75 per cent.
Rates for bulk deposits maturing between two to less than three years is increased by 0.75 per cent to 6.75 per cent.
With PTI Inputs
