Interest rates

SBI raises interest rates to 3% on savings accounts for deposits of Rs 10 cr and above

The State Bank of India (SBI), the largest bank by assets, has raised interest rates on savings bank accounts for its customers. According to the details, the bank will offer 3% interest on savings account balances of Rs 10 crore and above. Rates are in effect from October 15.

The latest interest rate hike is in line with the Reserve Bank of India’s last repo rate hike on September 30, 2022. The bank also raised its marginal cost of funds-based lending rate (MCLR) by 25 bps base rate (bps) in all countries. tenures recently, which will affect all types of loans and credit cards.

Savings account interest rate

The bank has reduced its interest rate from 2.75% per annum to 2.70% per annum for account balances below Rs 10 crore.

For balances above Rs 10 crore and above, SBI raised the interest rate by 25 basis points from 2.75% per annum to 3.00% per annum.

Deposit slabs at the Caisse d’Epargne Revised interest rate
Balances below Rs10 Crore 2.75%
Sale Rs 10 Crore and more 3.00%

Fixed interest rates on deposits

The bank has also raised interest rates on its various term deposit schemes by less than Rs 2 crore from October 15, according to the bank’s website.

Interest rates were raised by up to 20 basis points. In accordance with the new rate schedule, the bank will offer an interest rate ranging from 3.00% to 5.85% for the general public and 3.50% and 6.65% for the elderly on deposits maturing between 7 days and 10 years.

tenors Old rates New rates Old rates for seniors New rates for seniors
7 days to 45 days 2.90 3.00 3.40 3.50
46 days to 179 days 3.90 4.00 4.40 4.50
180 days to 210 days 4.55 4.65 5.05 5.15
211 days to less than 1 year 4.60 4.70 5.10 5.20
1 year to less than 2 years 5.45 5.60 5.95 6.10
2 years to less than 3 years 5.50 5.65 6.00 6.15
3 years to less than 5 years 5.60 5.80 6.10 6:30 p.m.
5 years and up to 10 years 5.65 5.85 6.45 6.65

The SBI network

SBI, which was established in 1955, offers a range of services to its customers such as savings accounts, current accounts, car loans, home loans, debit and credit cards. As of June 30, the bank has the largest network of 22,294 branches and 65,561 ATMs/ADWMs in India with 67,735 BC outlets. The number of customers using internet banking and mobile banking was 104 million and 51 million, respectively.

As of June 30, the bank had a deposit base of over Rs 40.46 lakh crore with a CASA ratio of 45.33% and advances of over Rs 29 lakh crore. The bank has a 33.3% and 19.3% market share in home loans and auto loans, respectively, according to its statement.