State Bank of India revised the interest rates on domestic bulk term deposits across all tenors except for the 7-45 days tenor. The revised rates on domestic bulk term deposits of Rs 2 crore and above will come into effect from May 10.
For the 46-179 days tenor, the rates have been revised from 3 per cent to 3.50 per cent, while it has been increased to 3.50 per cent from 3.10 per cent for the 180-210 days.
The interest rate for the 211 days to less than 1 year tenor has been increased to 3.75 per cent from 3.30 per cent. The 1 year to less than 2 years tenor now has an interest rate of 4 per cent from the earlier 3.60 per cent.
For the 2 years to less than 3 years, 3 years to less than 5 years, and 5 years and up to 10 years the interest rate has hiked from 3.60 per cent to 4.25 per cent, 4.50 per cent and 4.50 per cent respectively.
Rates for senior citizens have also increased, except for the 7-45 days tenor. The rates have increased to 4 per cent from 3.50 per cent and 3.60 per cent for the 46-179 days and 180-210 days tenors.
For 211 days to less than 1 year tenor, interest rates were increased from 3.80 per cent to 4.25 per cent. Interest rates were hiked for the 1 year to less than 2 years, 2 years to less than 3 years, 3 years to less than 5 years, and 5 years and up to 10 years tenors from 4.10 per cent to 4.50 per cent, 4.75 per cent, 5 per cent and 5 per cent respectively.
The lender stated that the premature penalty for bulk term deposits for all tenors will be 1 per cent. “The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on NRO term deposits shall be aligned as per the rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks,” the lender stated on its website.
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