State Bank of India (SBI), the country’s largest lender, announced sharp increases—by up to 150 basis points — in deposit rates, as banks aggressively compete for funds to meet burgeoning credit demand. Both SBI and ICICI Bank on Monday also said they are raising their prime lending rates by 50 basis points. Banks have been raising benchmark lending rates following a hike in policy rates by Reserve Bank of
SBI announced the single-largest increase of 150 basis points on deposits of up to 45 days since at least 1997. It will now pay 4 percent on such deposits, compared with 2.5 per cent earlier. The bank will pay between 25 basis points and 150 basis points more on deposits on almost all nine maturities ranging between 15- 45 days and up to 10 years, as demand for funds begins to rise in an expanding economy. SBI also launched floating-rate term deposits linked to its base rate, a move aimed at luring depositors in a rising interest rate scenario.
SBI’s 50-basis point hike in its benchmark prime lending rate to 12.25 per cent brings it to June 2009 levels, a move that will push up the cost of corporate loans, as also home and other personal loans. It left its base rate unchanged at 7.5 per cent.
Meanwhile, ICICI Bank will raise its prime lending rate to 16.25 per cent from 15.75 per cent. It also raised its floating reference rate for consumer loans, including home loans, to 13.25 per cent from 12.75 per cent. These rates are used to determine interest rates on loans taken up to June 30, after which the base-rate regime came into force. ICICI Bank has, however, maintained its base rate at 7.5 per cent.
SBI will raise its lending and deposit rates from Tuesday, while ICICI Bank plans to increase its prime lending rate from August 18.
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| Company Name | CMP |
|---|---|
| SBI | 820.95 |
| Bank Of Baroda | 246.50 |
| Canara Bank | 101.10 |
| PNB | 101.40 |
| Union Bank Of India | 119.20 |
| View more.. | |
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