State Bank of India has raised interest rates on bulk deposits of above Rs 1 crore by 100 basis points or one percentage point. Bulk deposits for the 7 to 45 day period fetches 4.75 per cent now compared to 3.75 per cent earlier.
For the 46 days to 210 days period, you get 4.85 per cent, for 211 days to 365 days, you get 5 per cent. For the one year to 10 year time period, you get 5.25 per cent. The new rates are effective from today.
The bank had reduced its interest rates on deposits below 1 crore by 25 basis points earlier this month.
For the 7 days to 45 days period, such depositors get 5.25 percent now. For the next slab up to 2 years, depositors get 6.25 percent. And for all deposits between two to 10 years, the rate is 6 per cent.
The RBI is scheduled to meet next week for its bimonthly review.