State Bank of India hikes term deposit rates by 15-100 basis points

The revised rates on domestic term deposits, including bulk deposits, are effective from today

With rising competition for mobilising resources among banks, State Bank of India (SBI) has raised interest rates by 15-100 basis points (bps) on various maturities on both domestic retail deposits, and bulk deposits, effective Tuesday.

SBI is offering a peak deposit rate of 6.75 per cent for retail deposits on two buckets — one year to less than two years and two years to less than three years.

For two years to less than a three-year bucket, deposit rates were increased by 50 bps. For one year to less than two-year category, the rate increase was 65 bps to 6.75