SBI rates boost:
SBI, the largest lender in the country, increased interest rates for retail and bulk fixed deposits by 0.25% to 0.75% on Wednesday, indicating that the competition among banks to attract deposits is still ongoing.
The bank has raised rates for various tenures, including fixed deposits maturing within 46 to 179 days, 180 to 210 days, and 211 days to less than a year. Following the revision, these deposits now offer interest rates ranging from 5.5% to 7%.
This move comes after SBI Chairman Dinesh Khara stated last week that the bank would intensify its efforts to mobilize more deposits.
“We have implemented several initiatives to boost our market share in deposits and digitization. The YONO app, in particular, will significantly aid our efforts to attract high-quality deposits at a lower cost,” Khara told analysts during an earnings call last week.
On Wednesday, SBI, the largest lender in the country, increased interest rates for retail and bulk fixed deposits by 0.25% to 0.75%, indicating ongoing competition among banks to attract deposits. The bank has raised rates for various tenures, including fixed deposits maturing within 46 to 179 days, 180 to 210 days, and 211 days to less than a year. Following the revision, these deposits now offer interest rates ranging from 5.5% to 7%.
This move follows SBI Chairman Dinesh Khara’s statement last week that the bank would intensify its efforts to mobilize more deposits.
