SBI hikes home, deposit rates

State Bank of India (SBI), India’s largest commercial bank, has hiked rate on domestic term deposits by 0.25 to 0.5 per cent across various maturities effective Monday.

The bank has also hiked floating home loan rates by 0.5 points and fixed rate option by 0.25-0.5 per cent. The other rates have been kept unchanged. SBI said the floating rates for advances up to 5 years would be 8 per cent as against the earlier 7.5 per cent. The rate for fixed rate option would be 8.5 per cent as against 8 per cent for loans up to 5 years.

The highest home loan rate under floating and fixed rate option would be 8.75 per cent and 9.25 per cent respectively, it said. Short-term deposits rates have been raised by 0.25 basis points. The rate for deposits in the 15-45 day bucket would be 4 per cent, 46 to 179 days 4.5 per cent and 180 days to less than one year would be 5 per cent.