Lending rate hike coming? SBI raises term deposit rates across maturities

In an announcement on its website, the bank said, effective Wednesday, 7- to 45-day deposits will earn an annual interest rate of 5.75 per cent, from 5.25 per cent earlier

The country's largest lender, State Bank of India (SBI), has raised retail term deposit rates by 10 to 50 basis points across maturities. One basis point is a hundredth of a percentage point.

In an announcement on its website, the bank says effective Wednesday, 7-45 day deposits will earn an annual interest rate of 5.75 per cent up from 5.25 per cent earlier. Deposits of one year will now earn 6.40 per cent up from 6.25 per cent, while deposits maturing between 2 years and 10 years will earn 6.50 per cent up from 6 per cent. Senior citizens will earn