The country’s largest lender SBI has announced an interest rate hike of up to 50 basis points for fixed deposits on select tenors.
Under the revised rates effective from Wednesday, a deposit for between 180-210 days will fetch an interest of 5.75 per cent per annum as against the 5.25 per cent earlier, as per information available on the bank’s website.
Similarly, a deposit for 7-45 days will earn 3.50 per cent interest as against 3 per cent earlier, it said.
Other tenors which have seen hikes of 0.25 per cent include the 46-179 days bucket (revised rate of 4.75 per cent), 211 days to less than a year (revised rate of 6 per cent) and three years to less than five years (revised rate 6.75 per cent), as per the bank. The move comes at a time when some bankers have been complaining about a ‘war for deposits’ in the system amid the high credit growth.