SBI increases deposit rates by up to 10 bps

Mumbai: The country’s largest lender State Bank of India today increased the fixed deposit rates by up to 10 basis points or 0.10% to 6.80% on select maturities. The new rates ranging from 5 to 10 bps are applicable for deposits below Rs 1 crore and are effective immediately, the bank said on its website. One basis point is one hundredth of a per cent. This follows an increase in deposit rates by HDFC Bank by up to 0.5% and ICICI Bank by up to 0.25% on select maturities earlier this month. For fixed deposits maturing in one to less than two years, SBI has revised its rate to 6.80% from 6.70% earlier. For senior citizens, the new rate for the same maturity has been increased to 7.30 from 7.20%. PTI