homefinance NewsState Bank of India sharply hikes term deposit rates

State Bank of India sharply hikes term deposit rates

The lender has announced a 65 bps increase on retail domestic term deposits below Rs 2 crore for a maturity period of one year to less than two years to 6.75 percent from 6.10 percent earlier.

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By Asmita Pant  Dec 14, 2022 11:08:27 AM IST (Updated)

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State Bank of India sharply hikes term deposit rates
SBI FD Rates: The country's largest bank, the State Bank of India, on Tuesday announced a sharp hike in interest rates on domestic retail term deposits and domestic bulk term deposits (TDs) by 50-100 basis points across tenors. The lender has also hiked 211-day to 10-year retail term deposit rates by 15-65 basis points. The revised rates are effective from today, i.e. Tuesday, December 13.

The lender has announced a 65 bps increase on retail domestic term deposits below Rs 2 crore for a maturity period of one year to less than two years to 6.75 percent from 6.10 percent earlier. Likewise, the maturity period of two to less than three years has also been revised to 6.75 percent from 6.25 percent.
For above Rs 2 crore deposits, the lender has announced a hike of 100 bps for a maturity period of 180 days to 210 days to 5.50 percent. For one year to less than two years, the rate is revised to 6.50 percent.
For its special 'SBI Wecare' Deposit specifically for Senior Citizens, the bank said that the Retail TD of five years and above tenor would earn an interest of 7.25 percent. The deposit scheme will yield a premium of 100 bps over the card rate for the public, which is 6.25 percent. The bank also notified that the scheme had been extended till March 31, 2023.
Earlier, the bank announced a hike in its lending rates. The benchmark one-year MCLR, used as a base for fixing the most home, auto and personal loans, was hiked by ten basis points to 8.05 percent, as against 7.95 percent earlier. Likewise, the two-year and three-year MCLRs have been raised by ten basis points each to 8.25 percent and 8.35 percent, respectively.

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