SBI hikes interest rate on savings deposits above Rs 10 crore by 30 bps

The deposits will attract an interest rate of 3%, effective Oct 15. Balances up to Rs 10 cr to earn 2.7% interest

The country’s largest lender, State Bank of India (SBI), has hiked interest rates on savings bank deposits of over Rs 10 crore by 30 basis points, with effect from October 15. Accordingly, deposits of Rs 10 crore and above will attract an interest rate of 3 per cent from now as opposed to 2.70 per cent earlier.

However, deposits up to Rs 10 crore will continue to attract 2.70 per cent interest rate, the lender said in a statement today.

Deposit rates have not moved in tandem with lending rates despite the monetary policy committee (MPC) of the Reserve Bank