Country’s largest lender SBI today raised fixed deposit rates on select maturities by up to 1 per cent, amid tight liquidity situation. Fixed deposits with maturity period of 7 to 90 days will earn eight per cent interest against existing seven per cent. The SBI said in a statement that the new rates would be effective from on Wednesday.
Interest rates on 91-179 day and 181-240 day period fixed deposits have been raised by 0.75 per cent and 1 per cent, respectively. The rate of interest will be 8 per cent now.
Interest rate on 241-day to one-year deposits has been raised by just 0.25 per cent to 8 per cent. SBI becomes the fourth public sector bank to increase fixed deposits rates this month.
The bank has left interest rates on fixed deposits beyond one-year maturities unchanged. SBI last revised its fixed deposit rates in August 2011.