State Bank of Bikaner & Jaipur today said it has hiked deposit rates by up to 105 basis points on select maturities, in line with similar hikes by other lenders.
State Bank of Bikaner & Jaipur (SBBJ) joins domestic lenders, including ICICI Bank and Punjab National Bank, who have gone for a deposit rate hike.
The bank has decided to revise the rate of interest on single domestic term deposits by 75-105 basis points in selected buckets effective December 9.
With this revision, the peak rate for single deposits of less than Rs 15 lakh stands at 8.8 per cent, it said.
Interest on term deposits of less than Rs 15 lakh for 365-554 days maturity will now fetch SBBJ customers 8 per cent interest compared to 7.25 per cent at present, an increase of 75 basis points.
At the same time, interest on deposits for 556 days to less than two year tenor has also been increased by 75 basis points to 8 per cent from the existing 7.25 per cent, it said.
For single deposits with a tenor between 730 days-999 days, the new rate will be 8.3 per cent, as against the existing rate of 7.5 per cent.
Deposits with a tenor of 1,001 days to less than three years will attract 8.3 per cent interest, an increase of 80 basis points vis-a-vis the previous rate.
Also, interest rate for deposits between three years and less than five years, has been increased by 80 basis points to 8.3 per cent.
The maximum increase of 105 basis points has been made on deposits of five years and above up to 10 years. They have been raised to 8.8 per cent from the existing 7.75 per cent.
The increase in deposit rates is likely to attract funds to meet the projected growth in credit offtake, commensurate with the increase in business during the festive season.
SBBJ's deposit rate hike comes close of the heels of other lenders taking similar steps.
Last week, ICICI Bank had also revised its deposit and lending rates upward by up to 50 basis points.
Earlier this week, the country's biggest lender, SBI, raised interest rates by up to 150 basis points or 1.5 per cent across fixed deposits of various maturities.
And yesterday, Punjab National Bank increased its deposit and lending rates by up to 100 basis points.
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