SBI hikes Deposit Rates By 25-75 bps

The country's largest lender State Bank of India (SBI) today said it will raise by 25 to 75 basis points from tomorrow, but the bank has kept minimum rate of interest on unchanged at 7.50 per cent.

"The bank revises upwards the deposit rates by 25-75 bps in various maturities, effective October 1, 2010," SBI said in a filing to the Bombay Stock Exchange (BSE).

The various deposit rates of SBI are in the range of 4 per cent to 7.75 per cent.

The bank added that it reviewed the -- the minimum lending rate below which bank cannot offer loans -- at existing level of 7.50 per cent. Thus, the base rate will continue to remain at 7.50 per cent per annum for the present.

In order to bring in more transparency, base rate was introduced as a replacement of benchmark prime lending rate (BPLR) from July 1, 2010.......By ET