The largest public sector banks of the country, State Bank of India and Punjab National Bank have raised deposit rates. The hike in deposit rates comes for the second time in a span of two months. The current hike in rates comes as a repurcussion of the recent policy rate hike by Reserve Bank of India in the second quarter review of monetary policy.
The banks have however decided that they would not bring any change in their Benchmark Prime Lending Rates (BPLR).
SBI would be offering 7.75% interest on its special 1000 day scheme as compared to 7.72% earlier.The 555 day scheme would now fetch the depositor an interest of 7.50% which is a 50 bps hike from the earlier rate.
The maximum rise in rates can be seen in deposits having maturity of 91 to 180 days from 4.75% to 5.50%.
On the other hand, PNB has revised rates by 25 bps on deposits in the range of 91 days to 179 days. The bank now offers 5.5% for 179 day deposits and 8% for 10 years. For deposits having maturity in the range of 1-2 years, the rate of interest is 7.25%.