SBI hikes interest rates on bulk term deposits by 40-90 basis points

State Bank of India on Tuesday announced a hike of 40-90 basis points in the interest rates on several bulk term deposits.

The revised interest rates on bulk term deposits amounting to Rs 2 crore and above are effective from Tuesday, the bank said.

While interest rate on deposits maturing between 7 days and 45 days has been kept unchanged at 3 percent, those maturing between 46 and 179 days will now attract an interest rate of 3.50 per cent as against 3 percent earlier.

The public sector lender also revised interest rate on bulk term deposits maturing between 180 and 210 days by 40 basis points to 3.50 percent, as against 3.10 per cent earlier, as per the bank’s website.

Deposits maturing between 211 days and less than 1 year will earn an interest of 3.75 percent, up 45 bps from 3.30 percent.

The interest rate on bulk deposits having maturities between 1 year and less than two years has been increased by 40 bps to 4 percent. For deposits having 2 years to less than 3 years maturity period, the rate has been hiked by 65 bps to 4.25 percent.

The interest rate on bulk term deposits for 3 years and up to 10 years has been increased by 90 basis points to 4.50 percent as against 3.60 percent.

Last week, Punjab National Bank said had increased interest rates on term deposits in selected buckets up to 60 basis points from May 7.

The new fixed deposit rates are applicable on deposits up to Rs 10 crore, PNB said.