SBI says the revised deposit rate structure will be applicable to fresh deposits and also renewals of maturing deposits. The bank had last raised deposit rates, revisions on which generally precede similar moves on the lending side, by up to 1 percentage point in November. At least, three banks have already hiked their lending rates earlier this month. The deposit rate revisions are effective immediately, the bank said in a statement. On tenors from 1 year to 455 days deposit, the bank increased the interest rates to 6.25% from the earlier 5.25%.

Source: Mint January 30, 2018 16:07 UTC