SBBJ raises fixed deposit rate to 10.75 pc

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Mumbai, Oct 29 (UNI) State Bank of Bikaner and Jaipur (SBBJ), the largest associate bank of SBI, today said it has increased the fixed deposit rates by 100 basis points to 10.75 per cent.

For fixed deposits between two and three years, the rate has been increased from 9.75 per cent to 10.75 per cent, SBBJ today informed the Bombay Stock Exchange.

However, the bank has kept interest rates for other maturities unchanged at the September three level, when it last raised rates.

Last month, SBBJ had raised the interest rate on term deposits between one and two years by 50 basis points to 10.25 per cent.

Fixed deposits between two and three years was also revised upward by 25 basis points to 9.75 per cent.

Beginning this month, the country's largest lender, the State Bank of India introduced special deposit schemes that offered 10.5 per cent interest rate for maturity of 1,000 days.

Tight liquidity conditions compelled many banks, including Punjab National Bank, Canara Bank and Union Bank of India, to revise short-term interest rates upward.

PNB raised the fixed deposit rates between 25 and 75 basis points for various maturities. With this revision, peak rate is up at 10.50 per cent in the slab of one year to less than two years.

Canara Bank too came out with a festival offer of a 10.5 per cent interest rate.

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