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Jul 12, 2012, 08.23 AM IST
In a surprise move, India's largest lender State Bank of India (SBI) on Saturday increased domestic retail term deposit rates by 25 basis points in the tenure of 3-5 years, effective from July 01. However, this is applicable for deposit amount below Rs 15 lakh. Such a scheme will now be offering 9% per annum.
In a surprise move, India's largest lender State Bank of India (SBI) on Saturday increased domestic retail term deposit rates by 25 basis points in the tenure of 3-5 years, effective from July 01. However, this is applicable for deposit amount below Rs 15 lakh. Such a scheme will now be offering 9% per annum. Earlier on June 08, the lender had reduced its retail term deposit rates by similar 25 bps in the tenures up to 240 days. Those schemes are now offering in the range of 7-7.25% as against 7.25-7.50% prior to the rate cut. "These decisions have been taken by our asset liability committee (ALCO). The revision of rates is also effected to align different interest rates. We need to see which particular bucket of deposit is doing well. At the same time, we must scrutinize, if there are schemes requiring correction in rates," a senior SBI official in charge of retail deposits told moneycontrol.com on condition of anonymity. Krishna Kumar, managing director, SBI was not available for his comments. Also read: HDFC Bank cuts base rate and BPLR by 20 bps During the month, SBI too reduced lending rates on loans to small and medium enterprises and farmers as well as on exporters' credit by a broader range of 35-350 bps and 50 bps respectively. saikat.das@network18online.com
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