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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:
