SBI raises rates on bulk deposits by 100 basis points

State Bank of India has raised its rate on all bulk term deposits by one per cent (100 basis points) from Friday. The revision comes after about a year and also signals the end of a rate easing cycle, said bankers, which had begun in the second quarter of 2015-16.

Bulk deposits are those where amounts kept are at least Rs 1 crore or above. Senior officials at the country's largest bank said interest rates offered on bulk money raised from companies and institutions were below those offered by competing banks. This was affecting corporate relationships, with SBI losing in bids