SBI hikes interest rates on bulk term deposits

The country’s largest lender State Bank of India 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 the 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 percent as against 3 percent earlier.

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

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