NEWS & ADVICE : FIXED DEPOSITS
SBI increases interest rate on term deposits by 25 basis points
By Neelima Shankar
Jul 2, 2012
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The largest bank of the country- State Bank of India (SBI) has increased the interest rates on few of its term deposits. The new rates are effective from 1st July 2012.

The interest rate on deposit of up to Rs. 15 lakh for a maturity of 3 to 5 years would be 9%, this was previously 8.75%. Earlier in June, the bank had reduced the interest rates across few of the maturities by 0.25%. Previously the bank had cut its lending rates by 0.5%.

However, to the surprise of many HDFC Bank reduced its base rate by 20 basis points. Bankers suggest that reduced loan rates and higher deposit rates can help to curb the lack in demand for credit.

Public sector lender Union Bank of India also reduced its rates on micro small and medium enterprise (MSME), where as private banks Lakshmi Vilas Bank and Deutsche Bank raised their deposits rate.


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