SBI, HDFC, IDBI, Kotak hike rates on deposits

MUMBAI: SBI, HDFC, IDBI Bank and Kotak Mahindra Bank have revised their deposit rates. SBI has also revised its marginal cost of lending rate (MCLR), used as a benchmark for older home loans. The country’s largest bank has raised by 20 basis points (100bps = 1 percentage point) interest rates on term deposits below Rs 2 crore across some maturities.

SBI has also revised rates on domestic bulk term deposits of Rs 2 crore and above for select tenors by up to 75bps. It said there will be a penalty of 1% for premature withdrawal of bulk deposits. The bank has announced a 20bps increase in MCLR. HDFC, set to merge with HDFC Bank, is offering 6. 75% on 33-month deposits and 7. 05% on 99-month. IDBI Bank on Tuesday announced an increase in the interest rate up to 25bps on term deposits less than Rs 2 crore.

“The bank offers its highest rate of 5. 75% and offers additional 75bps higher rate up to 6. 50% to senior citizens,” said IDBI Bank deputy MD Suresh Khatanhar. Kotak Mahindra Bank daily balances in savings account above Rs 50 lakh will now earn a50bps higher interest rate of 4% per annum from the earlier rate of 3. 5%. Interest rates on fixed deposits have been increased by 10-25bps.