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SBI Increases Bulk Rate Deposit Rates by 100 bps
December 04, 2017
Capitalizing on the opportunity in the repo market, public sector State Bank of India (SBI) has inflated the interest rate on bulk deposits above Rs. 1 crore by 1%. The new rate is effective since November 30.
The move comes in soon after the government announced its plan to buy Rs. 30,000 crores worth of securities via reverse repo auction.
SBI has revised the interest rates for multiple tenors:
- (Shortest) For 7 days to 45 days: 4.75% (was 3.75%)
- (Longest) 5 years to 10 years: 5.25% (was 4.25%)
- Senior citizens can enjoy an additional 0.50%
