SBI revises deposit rates for various tenors by up to 0.75%

The country's largest lender State Bank of India has revised retail and bulk deposits rates by up to 0.75 per cent for various maturities, effective today.

For retail deposits, below Rs 1 crore, rates have been increased by up to 0.50 per cent.

For deposits maturing in one year to less than two years, rates have been raised by 0.15 per cent to 6.40 per cent from 6.25 per cent earlier.

The retail deposit rates for two years to up to 10 years have been changed by 0.50 per cent to 6.50 per cent from 6 per cent.

The lender revised its bulk term deposit rates for the third time in as many months.

For Rs 1 crore to Rs 10 crore bulk deposits, maturing in one year to less than two years, the bank raised rates by 0.50 per cent from 6.25 per cent to 6.75 per cent.

For deposits maturing in two to less than three years, the rates have been increased by 0.75 per cent to 6.75 per cent.

For above Rs 10 crore bulk deposits maturing between one year to less than two years, the rates have been raised by 0.50 per cent to 6.75 per cent.
Rates for bulk deposits maturing between two to less than three years is increased by 0.75 per cent to 6.75 per cent. 

Meanwhile, technology giant Google on Wednesday announced a deeper integration with State Bank of India (SBI) for its mobile payments app, Tez. The integration will allow Tez users to now create a SBI Unified Payments Interface (UPI) id - @oksbi and get access to exclusive offers for SBI customers. 

State Bank of India, chairman Rajnish Kumar, also spoke about the potential of the digital payments industry and outlined a strategic intent by both SBI and Google?s Tez to work towards a wider adoption of digital payments. 
The two will focus on building unique propositions for users and merchants including specially curated offers.