SBI raises deposit rates by 75 bps; base rate unchanged

MUMBAI: State Bank of India (SBI) has said that it will raise deposit rates by 25-75 basis points with effect from October 1, but the bank has kept the minimum rate of interest on loans unchanged at 7.5 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.
The deposit rates of SBI are in the range of 4 per cent to 7.75 per cent. The bank said that it reviewed the base rate — the minimum lending rate below which bank cannot offer loans — at the existing level of 7.5 per cent. Thus, the base rate will contin ue to remain at 7.5 per cent per annum for the present.