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State Bank of India
Mumbai: State Bank of India (SBI) raised deposit rates in three buckets of less than one year by 25 to 75 basis points.
Updated interest rates on its website showed deposit rates on 46 days to 179 days has been hiked to 5.50% from 4.75%, effective from May 15. Deposit rate in the 180 days to 210 days bucket has been hiked to 6% from 5.75%, while rate for the 211 days to less than one year period has been increased to 6.25% from 6%.
These rates are for deposits of less than ₹2 crore. Senior citizens get a 0.50% higher rate.
Banks adjust deposit rates according to their asset and liability positions and demands for funds in specific tenures. This is the first increase by SBI in deposit rates since December 2023.
Updated interest rates on its website showed deposit rates on 46 days to 179 days has been hiked to 5.50% from 4.75%, effective from May 15. Deposit rate in the 180 days to 210 days bucket has been hiked to 6% from 5.75%, while rate for the 211 days to less than one year period has been increased to 6.25% from 6%.
These rates are for deposits of less than ₹2 crore. Senior citizens get a 0.50% higher rate.
Banks adjust deposit rates according to their asset and liability positions and demands for funds in specific tenures. This is the first increase by SBI in deposit rates since December 2023.
