The State Bank of India (SBI) has raised its deposit and lending rates .”

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The country's largest lender's decision came after the Reserve Bank of India (RBI) hiked the repo rate last week.

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SBI said interest rates have been raised by 0.20 per cent on domestic term deposits of below Rs 2 crore for select tenors.  

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The revised interest rates on retail domestic term deposits (below Rs 2 crore) came into effect from June 14, 2022 .  

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For deposits of 211 days to less than 1 year, the lender will offer an interest rate at 4.60 per cent, as against 4.40 per cent earlier   

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“ The term ranging from 211 days to less than 1 year, the rates have been hiked from 4.90 per cent to 5.10 per cent.    

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Punjab National Bank also increased the FD rates. 7-45 days, 3 percent; 46-90 days, 3.25 percent; 91-179 days   

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IDBI has increased the interest rates on term deposits by 25 basis points.91 days to 6 months, 4 percent  

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The lender has also revised the interest rates on domestic bulk term deposits of Rs 2 crore and above for select tenors by up to 0.75 per cent.   

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Premature penalty for bulk term deposits for all tenors will be 1 per cent. It will be applicable for all new deposits including renewals . 

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“ Read more about  SBI FD INTEREST RATES INCREASED .