Mumbai, Sep 30 (Calcutta Tube) State Bank of India, the country’s largest lender, will raise deposit rates by 25 to 75 basis points (bps) from Friday, but has kept the base rate, the minimum rate of interest on loans, unchanged at 7.5 percent.
‘The bank revises upwards the deposit rates by 25-75 bps in various maturities, effective from Oct 1,’ SBI said in a statement Thursday.
SBI’s term deposit rates range from 4 percent to 7.75 percent. The bank has raised deposit rate by 75 basis points to 5.5 percent per annum on term deposits from 91 days to 180 days maturity period.
On three categories of term deposits rates will be increased by 50 basis points – on the maturity period of 556 days to less than 2 years rate increased by 50 basis points to 7.25 percent. Rates on term deposits from 2 years to 999 days increased to 7.50 percent from existing 7 percent and on 1,000 days maturity increased by 50 basis points to 7.75 percent.
Rates on term deposits – 1 year to 554 days increased by 25 basis points to 7 percent, 555 days increased by 25 basis points to 7.5 percent and on 1,001 days to less than 3 years increased by 25 basis points to 7.15 percent.
The bank has kept term deposit rates for other maturity periods unchanged.
In its quarterly review of base rate, SBI said: ‘Base rate will continue to remain 7.50 percent per annum for the present.’
Last month, SBI raised benchmark lending rate by 50 basis points and deposit rates by 25 to 150 basis points.