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From SBI to BoB, banks rush to woo depositors ahead of festival season

SBI, Bank of Baroda, Canara Bank lift rates to 6% and above

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SBI has started a specific tenor of 1000 days at 6.10 per cent earning interest of 6.10 per cent starting August 15 for 75 days, the bank said on its website.

Bhaskar DuttaSubrata Panda Mumbai
At a time when growth in bank credit is outstripping that of deposits, several lenders, including the country’s largest bank, State Bank of India (SBI), have raised deposit rates ahead of the festival season in order to fund the demand for loans.

Commemorating 75 years of India’s independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.

Bank of Baroda on Tuesday announced the ‘Baroda Tiranga Deposit Scheme’. Deposits under the scheme are available in two buckets: