The State Bank of India (SBI) on Tuesday raised interest rates on domestic bulk term deposits by 50-140 basis points (bps) across maturities (effective from Tuesday) at a time when liquidity in the system is strained. This is the second hike in bulk deposit rates by the bank in about two months.
It had raised rates by one percentage point (100 basis points) in November last year. Besides SBI, other public sector banks such as Punjab National Bank and Bank of Baroda revised bulk deposit rates earlier this month. Rating agency Icra in its statement said banks might hike deposit rates in the ...
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