<p>Mumbai: The country's largest lender -- State Bank of India (SBI) has announced an interest rate hike of up to 50 basis points for fixed deposits on select tenors.</p><p>Under the revised rates effective from Wednesday, a deposit for between 180-210 days will fetch an interest of 5.75 per cent per annum as against the 5.25 per cent earlier, as per information available on the bank's website.</p><p>Similarly, a deposit for 7-45 days will earn 3.50 per cent interest as against 3 per cent earlier, it said.</p><p>Other tenors which have seen hikes of 0.25 per cent include the 46-179 days bucket (revised rate of 4.75 per cent), 211 days to less than a year (revised rate of 6 per cent) and three years to less than five years (revised rate 6.75 per cent), as per the bank.</p><p>The move comes at a time when some bankers have been complaining about a 'war for deposits' in the system amid the high credit growth.</p>.SBI signs Rs 1,300 cr LoC with World Bank for rooftop solar projects.<p>In the recent past, some lenders, including Kotak Mahindra Bank, have hiked their offerings.</p><p>SBI Chairman Dinesh Kumar Khara on Wednesday said the hike has been prompted by the need to offer a "fair deal" to the depositors.</p><p>"We had some elbow room available, so that's the reason we've done this," he said while speaking at the banking and economic conclave organised by the lender in the financial capital.</p>
<p>Mumbai: The country's largest lender -- State Bank of India (SBI) has announced an interest rate hike of up to 50 basis points for fixed deposits on select tenors.</p><p>Under the revised rates effective from Wednesday, a deposit for between 180-210 days will fetch an interest of 5.75 per cent per annum as against the 5.25 per cent earlier, as per information available on the bank's website.</p><p>Similarly, a deposit for 7-45 days will earn 3.50 per cent interest as against 3 per cent earlier, it said.</p><p>Other tenors which have seen hikes of 0.25 per cent include the 46-179 days bucket (revised rate of 4.75 per cent), 211 days to less than a year (revised rate of 6 per cent) and three years to less than five years (revised rate 6.75 per cent), as per the bank.</p><p>The move comes at a time when some bankers have been complaining about a 'war for deposits' in the system amid the high credit growth.</p>.SBI signs Rs 1,300 cr LoC with World Bank for rooftop solar projects.<p>In the recent past, some lenders, including Kotak Mahindra Bank, have hiked their offerings.</p><p>SBI Chairman Dinesh Kumar Khara on Wednesday said the hike has been prompted by the need to offer a "fair deal" to the depositors.</p><p>"We had some elbow room available, so that's the reason we've done this," he said while speaking at the banking and economic conclave organised by the lender in the financial capital.</p>