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

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

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

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

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

“ 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.

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

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

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.

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