SBI raises deposit rates by 25-75bps, base rate remain unchanged

Country’s largest lender State Bank of India (SBI), has revised its deposit rates but has not changed the base rate the minimum rate of interest on loans is at 7.5%. Bank has raised deposit rates by 25 to 75 basis points (bps), ranging from 4 percent to 7.75percent.

The SBI said in a statement, “The bank revises upwards the deposit rates by 25-75 bps in various maturities, effective from Oct 1.”

Bank has raised deposit rates by 75 basis points to 5.5percent per annum on term deposits from 91 days to 180 days maturity period.

While on the maturity period of 556 days to less than 2 years rate has been increased by 50 basis points to 7.25 percent. For maturity period from 2 years to 999days interest rate has been increased to 7.50 per cent from existing 7 per cent and on 1,000 days maturity bank has raised interest rate by 50 basis points to 7.75 per cent.

For 1 year to 554 days the rates have been increased by 25 basis points to 7 percent, whereas on 555 days the rates have been raised by 25 basis points to 7.5 per cent and on 1,001 days to less than 3 years bank is offering revised rate of 7.15 percent.

For other maturity period’s bank has not kept rates unchanged.

Bank in its quarterly review of base rate said, “Base rate will continue to remain 7.50 percent per annum for the present.”

Although, last month SBI had raised benchmark lending rate by 50 basis points and deposit rates by 25 to 150 basis points.