SBI joins industry trend, hikes interest rates on retail and bulk deposits

The hike in deposit rates follows the rate action by Reserve Bank of India's (RBI) Monetary Policy Committee in the June monetary policy

The country’s largest lender, State Bank of India (SBI), has hiked interest rates on retail term deposits by 15-20 basis points (bps) on some tenors, with effect from June 14. Simultaneously, it has also raised interest rates on bulk term deposits by 50-75 bps.

According to the lender’s website, interest rates on retail term deposits (below Rs 2 crore) of 211 days to less than one-year tenor have been increased by 20 bps to 4.6 per cent. It was 4.4 per cent earlier.

Similarly, interest rates on retail term deposits of one year to less than two-year tenor have been