SBI hikes some fixed deposit rates by 20 bps
2 Nov 2013 4:43 AM IST
Days after RBI hiked short-term lending (repo) rate by 0.25 percentage point, State Bank of India (SBI) on Thursday raised its fixed deposit rate by 0.2 percentage point on select maturity. With the revision, term deposit between 180-210 days less than Rs 1 crore would now earn 7 per cent against the existing 6.80 per cent, SBI said in a statement. The new rate would be effective from Friday, it added. However, there is no change in the interest rates for other maturities in the less than Rs 1 crore bracket.
For high valued fixed deposits above Rs 1 crore, interest rates have been reduced between 0.25 and 2 percentage points. The maximum rate reduction of 2 percentage points is there in the tenor of 7-60 days. The rate would be 6.50 per cent as against existing 8.50 per cent.Over Rs 1 crore term deposits between 61 days and 1 year too would attract a lower interest of 7.75 per cent against 8.25 per cent, down 0.5 percentage point.
For high valued fixed deposits above Rs 1 crore, interest rates have been reduced between 0.25 and 2 percentage points. The maximum rate reduction of 2 percentage points is there in the tenor of 7-60 days. The rate would be 6.50 per cent as against existing 8.50 per cent.Over Rs 1 crore term deposits between 61 days and 1 year too would attract a lower interest of 7.75 per cent against 8.25 per cent, down 0.5 percentage point.
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