SBI hikes domestic deposit rates

State Bank of India (SBI) today announced interest rate hikes between 25-50 bps on domestic term deposits.

According to an official statement issued today, the bank will offer 4.50% for deposits maturing between 15-45 days as against the earlier rate of 4%.

The bank will offer 4.75% on deposits maturing between 46-179 days and 5.50% on deposits maturing from 180 days to less than a year.

"The new rates are applicable from Monday," the statement added.

Interest rates on term deposits of maturity between 1 year and less than 3 years and 3 years to less than 5 years have been increased by 50 bps to 6% and 6.25%, respectively.

Interest rates on deposits of maturity of 5 years and above have been increased by 25 bps to 6.50%.