On Tuesday, the State Bank of India hiked the interest rates on many bulk term deposits by 40-90 basis points. The revised interest rates on bulk term deposits amounting to Rs 2 crore and above are effective from Tuesday.
SBI has kept the interest rate unchanged at 3% on deposits maturing between 7 days and 45 days. The interest rate on the deposits maturing between 45 and 179 days has increased to 3.50 percent from 3 percent.
The bank has also announced a revised interest rate on bulk term deposits maturing between 180 and 210 by 40 basis points to 3.50 percent from 3.10 percent. Deposits maturing between 211 days and less than 1 year will attract an interest of 3.75 percent, up 45 basis points.
The bulk deposits maturing between 1 year and less than two years will earn a 4 percent interest rate, increased by 40 basis points. The interest rate on deposits maturing between 2 years and less than 3 years has been increased by 65 basis points to 4.25 percent. The bulk deposits maturing between 3 years and up to ten years will earn a 4.50 percent interest rate, increased by 90 basis points.
