Hike rates

SBI, HDFC, IDBI, Kotak raise rates on deposits

Mumbai: State Bank of India, HDFC, IDBI Bank and Kotak Mahindra Bank have revised their deposit rates. SBI also revised its marginal cost of lending rate (MCLR), which serves as a benchmark for older home loans.
The country’s largest bank has raised interest rates on term deposits by 20 basis points (100 basis points = 1 percentage point) below Rs 2 crore on certain maturities. SBI has also revised rates on domestic bulk term deposits of Rs 2 crore and above for some tenors by up to 75 basis points. He stated that there will be a 1% penalty for premature withdrawal of bulk deposits for all tenors. This will apply to all new deposits, including renewals. The bank also announced a 20 basis point increase in the MCLR for certain maturities.
HDFC, which is about to merge with HDFC Bank, announced fixed deposit rates above 7% after a long period. The housing finance company is offering 6.75% on its 33-month deposits and 7.05% on its 99-month deposits. IDBI Bank on Tuesday announced an interest rate increase of up to 25 basis points on term deposits below Rs 2 crore. As of June 15, the revised rates would apply to different maturities for domestic term deposits, non-resident ordinary term deposits (NRO) and non-resident external term deposits (NRE). “The bank offers its highest interest rate of 5.75% and offers an additional interest rate of 75 basis points up to 6.50% to resident senior customers on all maturities, under its brand” Naman senior citizen FD’,” said IDBI Bank Deputy Managing Director Suresh Khatanhar.
Kotak Mahindra Bank has raised savings account interest rate as well as FD interest rates at different levels. The savings account interest rate increase took effect on June 13. Daily savings account balances above Rs 50 lakh will now earn a 50 basis points higher interest rate of 4% per annum from the previous rate of 3.5%. Interest rates on term deposits were raised by 10 to 25 basis points.