SBI raises interest rates on bulk deposits of more than Rs 1 crore

Changes made in interest rates on Tuesday will not make much difference in the cost of SBI funds, because bulk deposits are only a small part of the bank's total deposits.

New Delhi: State Bank of India (SBI) has hiked interest rates on domestic wholesale deposits by 0.75-1.4 per cent on Tuesday, which has come into force with immediate effect. Earlier, SBI had increased interest rates on bulk deposits in November last year. Bulk deposits are said to be worth 1 crore rupees or more.

There is no change in the interest rate of the retail fixed deposit which is less than 1 crore rupees. Short-term deposit deposits (46-179 days and 180-210 days) in new interest rates, the new rate will increase from 4.85 percent to 6.25 percent. New rate for deposits maturing between two to 10 years is 6%, which was 5.25% earlier.

According to the bank officials, the changes made in the interest rates on Tuesday will not make much difference in the cost of SBI funds, because bulk deposits are only a small part of the bank's total deposits.