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State Bank of India has revised interest rates on domestic term deposits (below Rs 1 crore) by 5-10 basis points in four maturity slabs of one year and above with effect from July 30.
While keeping deposit rates of up to one year unchanged, India's largest bank has nudged up the deposit rate in the 1 year to less than 2 years by 5 basis points from 6.65 per cent to 6.70 per cent.
In the 2 years to less than 3 years and 3 years to less than 5 years maturity slabs, the deposit rates have been upped by 10 basis points each to 6.75 per cent (6.65 per cent) and 6.80 per cent (6.70 per cent), respectively. In the 5 years and up to 10 years maturity slab too, the deposit rate has been increased by 10 basis points to 6.85 per cent (6.75 per cent).
The deposit rate hike comes in the backdrop of increased credit offtake and slowdown in deposit accretion in the banking system.
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