State Bank of India (SBI), the largest bank by assets, has hiked the interest rates on saving bank accounts for its customers. As per the details, the bank will be offering an interest of 3 per cent on saving account balances of Rs 10 crore and more. The rates are effective from October 15.
The latest interest rate hike is in line with the Reserve Bank of India’s last repo rate hike on September 30, 2022. The bank has also hiked its marginal cost of funds-based lending rate (MCLR) by 25 basis points (bps) across all tenures recently, which is going to affect all types of loans and credit cards.
Savings Account Interest Rates
The bank has cut its interest rate from 2.75 per cent per annum to 2.70 per cent per annum for account balances less than Rs 10 crore.
For balances more than Rs 10 crore and above, SBI has hiked the interest rate by 25 bps from 2.75 per cent per annum to 3.00 per cent per annum.
|Savings Bank deposit slabs||Revised Rate of Interest|
|Balances less than Rs10 Crore||2.75%|
|Balances Rs 10 Crore and Above||3.00%|
Fixed deposit interest rates
The bank has also hiked the interest rates on its various term deposit schemes of less than Rs 2 crore from October 15, as per the bank's website.
The interest rates have been hiked by up to 20 basis points. As per the new rate list, the bank will be offering an interest rate ranging from 3.00 per cent to 5.85 per cent for the general public and 3.50 per cent and 6.65 per cent for senior citizens on deposits maturing in 7 days to 10 years.
|Tenors||Old rates||New rates||Old rates for senior citizens||New rates for senior citizens|
|7 days to 45 days||2.90||3.00||3.40||3.50|
|46 days to 179 days||3.90||4.00||4.40||4.50|
|180 days to 210 days||4.55||4.65||5.05||5.15|
|211 days to less than 1 year||4.60||4.70||5.10||5.20|
|1 year to less than 2 years||5.45||5.60||5.95||6.10|
|2 years to less than 3 years||5.50||5.65||6.00||6.15|
|3 years to less than 5 years||5.60||5.80||6.10||6.30|
|5 years and up to 10 years||5.65||5.85||6.45||6.65|
SBI, which was set up in 1955, provides a range of services to its customers like savings accounts, current accounts, auto loans, home loans, debit and credit cards. As of June 30, the bank has the largest network of 22,294 branches and 65,561 ATMs / ADWMs in India with 67,735 BC outlets. The number of customers using internet banking and mobile banking was 104 million and 51 million, respectively.
As of June 30, the bank has a deposit base of over Rs 40.46 lakh crore with CASA ratio of 45.33 per cent and advances of more than Rs 29 lakh crore. The bank has a market share of 33.3 per cent and 19.3 per cent in home loans and auto loans, respectively, as per its statement.
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