State Bank of India (SBI), the premier bank of the country, on Thursday revised its lending and deposit rates upwards with effect from July 11. It has revised the Base Rate upwards by 25 basis points (bps) from 9.25 per cent to 9.50 per cent per annum effective from July 11. The bank has also revised the Benchmark Prime Lending Rate upwards by 25 bps to 14.25 per cent from 14 per cent annually.
SBI revised upwards the deposit rates up to 100 bps in some maturities. Thus, the new rates would be: 7 days to 90 days 7 per cent; 91 days to 179 days 7.25 per cent; 180 days to 240 days 6.50 per cent; 241 days to less tan one year 7.75 per cent; one year and above for all maturities 9.25 per cent. These rates are pertaining to below Rs.1 crore. “Penalty for premature withdrawal of deposits of tenors up to 90 days has been waived,” a press release from SBI stated. Penalty for pre-mature withdrawal of retail deposits of tenors beyond 90 days will be 0.5 per cent instead of 1 per cent.
Keywords: SBI interest rates